- Austral Resources (AR1) places its shares in a mid-week trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Friday, August 12, or when the announcement is released, whichever occurs first
- Yesterday, Austral released a maiden mineral resource for the Enterprise deposit within its Eastern Succession tenements in Queensland
- The resource is classified as inferred and reads 580,000 tonnes at 1.3 per cent copper with a 0.7 per cent copper cut-off
- Shares in Austral last traded at 45 cents on August 9
Austral Resources (AR1) has placed its shares in a mid-week trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Friday, August 12, or when the announcement is released, whichever occurs first.
Austral is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, Austral released a maiden mineral resource for the Enterprise deposit within its Eastern Succession tenements in Queensland.
The resource is classified as inferred and reads 580,000 tonnes at 1.3 per cent copper with a 0.7 per cent copper cut-off.
The mineralisation spans a depth of over 200 metres and remains open at depth with the core appearing to lengthen at depth.
Taking a look at its June quarterly report, Austral tabled a 9.3 per cent increase in revenue to $5.16 million and expects revenue and production to significantly increase in the September quarter.
As of June 30, the company had a cash balance of $7.2 million.
Shares in Austral last traded at 45 cents on August 9. The company has a $205.1 million market cap.