- Barra Resources (BAR) has locked up its shares as the company prepares for a capital raise
- The trading halt will remain in effect until Monday, September 14, or until an announcement is made on the capital raise
- No details have been released just yet as to why Barra is raising more money, or what it plans to use the equity for
- More recently, however, the company announced it expected to be repaid over $400,000 from joint venture partner Conico
- Barra lent Conico $393,000 in October last year, and the JV partner recently raised enough capital to be able to repay the loan
- Shares in Barra last traded for 2.4 cents each
Explorer and mine developer Barra Resources (BAR) has locked up its shares as the company prepares for a capital raise.
No details have been released just yet as to why Barra is raising more money, or what it plans to use the equity for — but all will be revealed once an announcement is made.
That’s expected to occur sometime before or on Monday, September 14, when the trading halt expires.
Besides the capital raise, Barra Resources also expects to receive over $400,000 from a borrower.
The company lent joint venture partner Conico $393,000 in October last year to complete a pre-feasibility study on their jointly owned Mt Thirsty Cobalt Nickel Project near Norseman in WA.
Since then, Conico has raised over $2.8 million in capital via a placement, meaning it’s now required to pay back $407,000.
Barra expects the payment to be processed by October this year.
In the meantime, before today’s trading halt, shares in BAR last traded for 2.4 cents each on Monday, September 7.