- Admiralty Resources (ADY) has placed its shares in a trading halt as it plans and executes a capital raise
- The mining stock hasn’t stated how much it’s planning to raise, but an announcement should be released by June 22
- ADY ended the March quarter with $102,000 worth of cash in the bank and $758,000 in unused finance facilities
- That’s enough cash to keep the mining company going for another six quarters, after the business burnt through $156,000 in March
- Admiralty Resources shares last traded at 2.1 cents per share
Admiralty Resources (ADY) has placed its shares in a trading halt as it plans and executes a capital raise.
ADY is a mining business with assets in Australia and Chile, including iron ore, cobalt and nickel projects.
The company placed its shares in a halt on Friday but hasn’t stated how much it’s planning to raise or how.
Shareholders should find out the full details of the fundraise by Tuesday, June 22, the last day the trading halt is in effect.
In terms of finances, ADY ended the March quarter with $102,000 worth of cash in the bank and $758,000 in unused finance facilities.
It burnt through $156,000 on operating activities during that three-month period, with the majority of those funds going towards administration and corporate costs.
If the mining company’s rate of spend remains the same, it estimates it has enough cash and financing to continue for another six quarters.
Before today’s trading halt, shares in Admiralty Resources were trading at 2.1 cents each on Thursday, June 17.