- Mineral exploration company Caeneus Minerals (CAD) has entered a trading halt ahead of a capital raise
- At this point, it is unclear how much the company wants to raise and what the funding will be used for
- Interestingly, the company completed a $500,000 placement last month
- And over the June 2020 quarter, Caeneus spent more than $114,000 on its projects
- Caeneus shares last traded for one cent per share on September 2
Mineral exploration company Caeneus Minerals (CAD) has entered a trading halt ahead of a capital raise.
At this point, it is unclear how much the company wants to raise and what the funding will be used for.
Company shares will be paused until Monday, September 7, or until Caeneus releases more details about the raise.
However, this isn’t the company’s first raise in 2020: Last month, Caeneus raised $500,000. The funds were spent on furthering the company’s exploration works.
Over the June 2020 quarter, Caeneus spent more than $114,000 on its projects.
Last month, the company completed a 10-day field reconnaissance program over its two Mallina tenements near Port Headland in Western Australia. The tenements are located near De Grey Mining’s (DEG) Hemi gold deposit.
As a result, the company has commenced an airborne magnetic survey to follow up at the tenements.
Caeneus shares last traded for one cent per share on September 2.