- Alicanto Minerals (AQI) has entered back-to-back trading halts ahead of a capital raise
- This means company shares won’t be trading until August 7 or when it releases an announcement about the raise
- At this stage, it is unsure how much the company is aiming to raise and what the funds will be used for
- On Friday, Alicanto reported it burnt $463,000 on its operating activities and had over $2.4 million in the bank at the end of the June quarter
- During the period, Alicanto made significant progress with its Swedish projects and is currently awaiting results from its exploration programs
- Alicanto shares last traded for 8 cents each on July 31
Alicanto Minerals (AQI) has entered back-to-back trading halts ahead of a capital raise.
The company is currently gathering the final details for the raise, so the two trading halts mean company shares won’t be trading until the end of the week or when it releases a raise announcement.
It is unsure how much the company is aiming to raise and what the funds will be used for.
On Friday, Alicanto released its June quarterly report. Over the period, the company burnt $463,000 on its operating activities and had over $2.4 million in the bank at the end of the period.
Alicanto also made significant progress with its Swedish projects during the quarter and is currently awaiting results from its exploration programs.
At the Wolf Mountain prospect, the company found copper skarn mineralisation, which has expanded the project. Additionally, 12 kilometres from Wolf Mountain, copper skarn was also identified at Alicanto’s new Heden Project.
“We now believe we have cracked the code at our Swedish projects,” CEO Peter George said on Friday.
The company’s “highly-anticipated” follow-up drilling at the projects is set to commence next month.
Alicanto shares last traded for 8 cents each on July 31.