- Cannon Resources (CNR) enters a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until October 21 or when an announcement with further details is released, whichever occurs first
- This is the first trading halt the company has entered since it debuted on the ASX in August this year
- Cannon was a spin-off from Rox Resources (RXL) and successfully listed on the ASX following a $6 million initial public offering (IPO)
- Shares in Cannon last traded at 44 cents on October 18
Cannon Resources (CNR) has entered a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until October 21 or when an announcement with further details is released, whichever occurs first.
Cannon is yet to disclose how much it intends to raise or what it will use the funds for once received.
This is the first trading halt the company has entered since it debuted on the ASX in August.
Cannon was a spin-off from Rox Resources (RXL) and successfully listed on the ASX following a $6 million initial public offering (IPO).
Its key focus is on the Fisher East and Collurabbie nickel projects in Western Australia.
On October 13, Cannon released assay results from the first three holes drilled at the Musket Prospect in Western Australia.
Results peaked at 5.81 metres at 2.29 per cent nickel from 584.35 metres and these initial results have extended the mineralisation at Musket down dip by 100 metres.
Drilling is continuing with assays pending for the Camelwood and Sabre prospects.
Shares in Cannon last traded at 44 cents on October 18. The company has a $33 million market cap.