- BCI Minerals (BCI) has entered back-to-back trading halts as it gets ready to announce a fresh capital raise
- Shareholders will need to wait until September 17 to find out how much BCI plans to raise or how the money will be spent — unless the company puts out an announcement earlier
- Recently, BCI has been focused on its flagship Mardie Salt & Potash Project in WA, which was recently granted major project status by the Australian Government
- Meanwhile, BCI ended FY20 with around $41.5 million in the bank, up from $33.7 million it tabled at the end of FY19
- Before today’s trading halt, shares were trading for 25.5 cents each
Mining company BCI Minerals (BCI) has entered back-to-back trading halts as it gets ready to announce a fresh capital raise.
Shares in BCI will remain locked up until Thursday, September 17, unless the company makes an announcement earlier than that date.
Shareholders will have to wait until then to find out how much the company plans to raise and what the funds will be used for.
BCI did provide a possible clue in its request for the ASX to freeze its shares, stating it needed time to complete the “institutional component of the accelerated entitlement offer.”
Looking at the company’s finances, BCI ended the 2020 financial year with around
$41.5 million in the bank, up from the $33.7 million it tabled in cash reserves at the end of FY19.
Meanwhile, in terms of operating activites, BCI has been focused on its flagship Mardie Salt & Potash Project in WA, which was recently granted major project status by the Australian Government.
The status gives the company access to additional support to accelerate the development of the project and acknowledges it will have a positive impact on the economy.
Before today’s trading halts were implemented, shares in BCI were trading for 25.5 cents each on Thursday, September 10.