- Aruma Resources (AAJ) has requested a trading halt be placed on its securities as the company gears up for another capital raise
- This capital raise is the second tranche of a two-tranche placement announced early last month
- In total, the company plans to raise around $800,000 from the two-tranche placement
- The money raised from the placement will go towards new acquisitions and further explorations works
- The halt will remain in place on Aruma’s shares until Friday, July 31, in order to give the company enough time to organise the equity raise for professional and sophisticated investors
- Before the trading halt was implemented, shares in the company were trading for 0.6 cents per share
Exploration company Aruma Resources (AAJ) has requested a trading halt be placed on its securities, as the company gears up for another capital raise announcement.
The trading halt will remain in place until July 31, in order to give the company enough time to organise the equity raise for professional and sophisticated investors.
Today’s capital raise is the second tranche of a two-tranche placement announced back on June 5.
Under the terms of the original offer, the company plans to raise $800,000 via the placement, by issuing 112 million shares in the first tranche and 88 million shares in the second tranche.
All of the new shares will be priced at 0.4 cents each and come with one free option for every three new shares purchased. The options have an exercise price of 1 cent per share and expire after two years.
Tranche two of the placement required shareholder approval and was officially signed off on last week during a general meeting, allowing it to now go ahead.
Full details of the placement will again be released in the coming days for investors to look over.
However, Aruma previously states the money from the equity raises will go towards new acquisitions and further exploration works at its multiple projects across Australia.
Among the new acquisitions are the Capital Gold Project, which Aruma has agreed to purchase from Sky Metals for five million new shares. It’s also expanded its prospective gold ground holding at its existing Saltwater Gold Project.
Before today’s trading halt, shares in the exploration company last traded for 0.6 cents per share on July 27.