- Exploration company Big River Gold (BRV) has placed its securities in a trading halt as it prepares to undertake a capital raising
- The company hasn’t released how much it’s planning to raise or what the funds will be spent on just yet
- Instead, shareholders will have to wait until the trading halt expires on December 7 to find out more details
- Big River hasn’t announced any news to the market since October, when it released its quarterly activities and cashflow report
- The company burned through $478,000 in Q1 FY21, and ended the period with $2.71 million worth of cash in the bank
- BRV also said it spent much of the quarter focused on securing finance for its Borborema project in South America
- Shares in Big River Gold last traded for 5.9 cents each
Big River Gold (BRV) has placed its securities in a trading halt as it prepares to undertake a capital raising.
The exploration company hasn’t released how much it’s planning to raise or what the funds will be spent on just yet.
Instead, BRV shareholders will have to wait until the trading halt expires on Monday, December 7 to find out more details — unless it announces the raise early.
It has been a quiet few months for the company, which hasn’t announced any news to the market since October when it released its quarterly report.
Big River revealed it had burned through $478,000 in Q1 FY21, with $182,000 going towards exploration and evaluation costs.
The company ended the period with $2.71 million worth of cash in the bank and enough finance to keep it going for another 3.6 quarters.
In terms of activities, BRV said it spent the quarter focused on securing finance for its Borborema project in South America.
It advised that COVID-19 related economic uncertainty, as well as travel restrictions in Brazil, had hampered its ability to progress funding.
It’s now known if this planned capital raise will help progress the Brazilian project.
Shares in Big River Gold last traded for 5.9 cents each on December 2.