- AusQuest (AQD) has entered a trading halt ahead of a proposed capital raise
- It’s unclear how much AusQuest will raise or what it will use the money for, but the company could benefit from some fresh funding, based on its most recent cashflow report
- The company ended the December quarter with $1.2 million in cash and less than one quarter of available funding
- AusQuest has also begun a 4000-metre drilling program at its Cerro de Fierro Copper Project in southern Peru
- Drilling could take up to six weeks and assays are expected to be received within the following four weeks
- AusQuest last traded at 2.5 cents on Tuesday, February 16
AusQuest (AQD) has entered a trading halt ahead of a proposed capital raise.
The company will remain in the trading halt until Friday, February 19, unless the funding details are released earlier.
It’s unclear how much AusQuest will raise or what it will use the money for, but the company could benefit from some fresh funding, based on its most recent cashflow report.
The ASX-listed miner ended the December quarter with $1.2 million in cash and less than one quarter of available funding. In response, AusQuest said it planned to secure working capital through new equity issue or loans.
This week, AusQuest began a 4000-metre reverse circulation drilling at the Cerro de Fierro Copper Project in southern Peru. The project is held under a strategic alliance agreement with South32’s subsidiary.
Drilling is testing an area beneath existing copper anomalism and associated iron and potassic alteration.
The program is expected to take up to six weeks and assays are expected to be received within the following four weeks.
AusQuest last traded at 2.5 cents on Tuesday, February 16.