- Alma Metals (ALM) enters a trading halt while it plans a capital raise
- Yesterday, the company announced reaching agreements with the Balanggarra People to commence reconnaissance exploration at the East Kimberly copper project in WA
- The agreements enable the company to access the land and commence a reconnaissance visit and sampling program this month
- Alma Metals is yet to disclose how much money it will raise and how it plans to spend the funds
- ALM last traded at 1.1 cents on September 8 and expects to come out of the trading halt on September 13
Alma Metals (ALM) has entered a trading halt while it plans and executes a capital raise.
The company is yet to disclose how much money it will raise and how it plans to spend the funds, however, plans are in place for exploration in WA’s East Kimberley region.
On September 8, Alma Metals reached agreements with the Balanggarra People who are represented by the Balanggarra Aboriginal Corporation (BAC).
The two agreements executed include a negotiation and funding agreement which sets the protocol for Alma to begin reconnaissance exploration at the East Kimberley copper project and also sets out the funding obligations for the company.
Alma Metals will pay the reasonable costs of BAC, the Balanggarra People and their advisors to conduct joint venture negotiations.
Further, the parties reached a heritage protection agreement for Alma to seek cultural heritage clearance, compensation payments and ensure adequate environmental assessment and protection.
This month, Alma is undertaking a helicopter reconnaissance trip as well as a stream sediment sampling program.
In the same announcement, the company said it has $1.3 million in cash and is fully funded for the reconnaissance exploration work.
In addition to this, Alma announced in its June quarterly report that it will undertake 3000 metres of drilling at the Briggs exploration target in Queensland.
At this stage though, it isn’t certain where the company will allocate the fresh funds.
ALM shares are expected to come out of the trading halt on Tuesday, September 13.
The company last traded at 1.1 cents on September 8.