- Amani Gold (ANL) has entered a trading halt ahead of a capital raise
- The company ended its December quarter with just $539,000 in cash and was in the process of finalising a placement
- While details haven’t yet been given, Amani disclosed the funding would allow it to continue operations
- Amani is planning to increase the mineral resource of its Kebigada deposit, which forms part of the 4.4-million-ounce Giro Gold Project in the Democratic Republic of Congo
- The market will only have to wait until Monday, February 8, at the latest, to find out more about the placement
- Amani Gold last traded at 0.1 cent on Wednesday, February 3
Amani Gold (ANL) has entered a trading halt ahead of a capital raise.
At this stage, it is not entirely clear how much Amani will raise or what exactly the funds will be used for.
However, Amani Gold ended its December quarter with just $539,000 in cash, leaving the company with less than one quarter’s worth of available funding.
Underneath this figure, the ASX-lister detailed it was in the process of finalising a placement that will raise more money so it can continue operations.
Amani Gold’s Giro Gold Project comprises the Kebigada and Douze Match deposits, which cover 497 square kilometres within the Democratic Republic of Congo (DRC).
The highly prospective project has an indicated and inferred mineral resource estimate of 132 million tonnes at 1.04g/t gold for 4.4 million ounces of gold.
Although, the company is looking to increase this, specifically through the Kebigada deposit, and will do so via deeper drilling this year.
Additionally, Amani is undertaking an updated feasibility study for the Kebigada deposit so that it complies with DRC regulations. The study is expected to be completed by the end of this month.
The company will remain in a trading halt until no later than Monday, February 8.
Amani Gold last traded at 0.1 cent on Wednesday, February 3.