- Alloy Resources (AYR) has entered a trading halt ahead of a capital raise
- Company shares will remain in the halt until Monday, or when Alloy announces more about the capital raise
- Earlier this week, the company entered an option to purchase 80 per cent of the Doolgunna Project from Diversified Asset Holdings
- Doolgunna is located approximately 125 kilometres north of Meekatharra in Western Australia, near the DeGrussa mine
- Alloy Resources last traded for 3.5 cents per share on July 22
Alloy Resources (AYR) has entered a trading halt ahead of a capital raise.
This means company shares will not be trading until Monday, or when Alloy announces more information about the raise.
The company has not announced how much it is aiming to raise or what the funds will the used for.
Earlier this week, the company entered into an option to purchase 80 per cent of the Doolgunna Project from Diversified Asset Holdings.
Doolgunna is located approximately 125 kilometres north of Meekatharra in Western Australia, near the DeGrussa mine. Very little work has been done on the project since the discovery of DeGrussa.
The company believes Doolgunna has the potential to be a new copper-gold deposit.
“We have confirmed our expectations that the geology of the area has been misinterpreted in the past and the unexplained western copper soil anomaly is in fact within the same Karalundi formation that hosts the DeGrussa deposit,” Chairman Andy Viner said.
Alloy Resources last traded for 3.5 cents per share on July 22.