- Alicanto Minerals (AQI) enters a trading halt pending an announcement relating to a capital raising
- The company will remain in the halt until November 15 or when more details are released, whichever occurs first
- On October 25, Alicanto confirmed a new zone at its Sala silver project in Sweden following the release of historical results
- Results have been received from 12,225 metres of drilling with up to 6812 g/t silver, 36.4 per cent zinc and 7.2 per cent lead intersected
- Shares in Alicanto last traded at 14.5 cents on November 10
Alicanto Minerals (AQI) has entered a trading halt pending an announcement relating to a capital raising.
The company will remain in the halt until November 15 or when more details are released, whichever occurs first.
Alicanto is yet to disclose how much it intends to raise or what it will use the funds for once received.
On October 25, Alicanto confirmed a new zone at its Sala silver project in Sweden following the release of historical results.
Results have been received from 12,225 metres of historical drilling was a massive intersection of 0.4 metres at 6812 grams per tonne (g/t) of silver returned.
Additionally, up to 36.4 per cent zinc and 7.2 per cent lead was intersected.
Two rigs are currently operating at Sala with a third to begin in the coming weeks.
In its September quarterly, Alicanto revealed it had burnt through more than $1.5 million with the majority going towards exploration and evaluation.
The company also invested $5000 in property, plant and equipment.
As of September 30, the company had $2.95 million in total available funding, representing 1.96 quarters of use if spending levels remain the same.
This didn’t phase Alicanto however as it said it expects to receive roughly $750,000 in sale proceeds from the transfer of it Arakaka Gold Project.
Shares in Alicanto last traded at 14.5 cents on November 10. The company has a $47.68 million market cap.