- Benz Mining (BNZ) ends the week in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Tuesday, September 6, or when the announcement has been released, whichever occurs first
- Prior to entering the trading halt, Benz Mining announced it had received the last assay from its April drilling program at the Ruby Hill West Lithium Project in Canada
- Up to 2.61 per cent lithium oxide, 279 ppm tantalum pentoxide, 1601 ppm rubidium oxide and 600 ppm caesium was intersected
- Shares in Benz Mining last traded at 55 cents on September 1
Benz Mining (BNZ) has ended the week in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Tuesday, September 6, or when the announcement has been released, whichever occurs first.
Benz Mining is yet to disclose how much it intends to raise or what it will use the funds for once received.
Prior to entering the trading halt, Benz Mining announced it had received the last assay from its April drilling program at the Ruby Hill West lithium project in Canada.
Up to 2.61 per cent lithium oxide, 279 parts per million (ppm) tantalum pentoxide, 1601 ppm rubidium oxide and 600 ppm caesium was intersected.
The results received from this program confirm thick high-grade pegmatite as well as the presence of multiple dyke systems in the area.
Benz Mining last tapped investors for cash in August 2021 when it undertook a C$10 million (A$11.19 million) placement.
The funds were raised through the issue of 9,090,909 shares priced at C$1.10.
Benz Mining stated it would use the money to fund exploration on its Eastmain project and renounce expenditure to investors, effective December 31, 2021.
Shares in Benz Mining last traded at 55 cents on September 1. The company has a $60.83 million market cap.