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- Madagascar iron ore developer Akora Resources (AKO) enters a trading halt ahead of an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Under the halt, company shares will be paused until Monday, April 4, or when further details about the raise are released to the market
- Last week, Akora announced a maiden resource for the Northern and Central Zones, located within the Bekisopa Project, of 84.5 million tonnes at a concentrate grade of 67.6 per cent iron, exceeding expectations
- Akora last traded at 39 cents per share
Akora Resources (AKO) has entered into a trading halt ahead of an upcoming capital raise.
It is not known how much the company is aiming to raise or where the funds will be spent.
The halt means company shares will be paused until Monday, April 4, or when further details about the raise are released to the market.
Akora is an exploration company that is focused on the development of the Bekisopa Tratramarina and Ambodilafa iron ore projects in Madagascar.
Last week, Akora reported the maiden mineral resource for the Northern and Central Zones of the Bekisopa project.
The maiden resource for the zones sits at 84.5 million tonnes of inferred resource at a concentrate grade of 67.6 per cent iron, exceeding expectations.
“This means the company has significantly exceeded its initial expectation in the 2020 Prospectus,” Managing Director Paul Bibby said last week.
Akora is now awaiting the mineral resource for the Southern Zone, which was delayed due to the final assay and processing trial results.
Notably, the Northern and Central Zone inferred resource and the Southern Zone exploration target are a result of drilling only one third of the tenement strike length, according to the company.
“The potential for significant additional tonnage cannot be underestimated, this is an extremely positive result, achieved within 15 months of listing,” Mr Bibby added.
On the market, Akora last traded at 39 cents per share.
