- Carawine Resources (CWX) has entered a trading halt while it prepares to raise fresh capital
- It isn’t clear how much Carawine is raising or how it plans to spend the money but it seems as though there’s exploration plans in the pipeline across its joint venture projects
- Details of the raise are expected to be released when CWX comes out of the trading halt by November 11
- Company shares last traded at 19 cents on November 8
Carawine Resources (CWX) has entered a trading halt while it prepares to raise fresh capital.
Over the September quarter, the company and its earn-in and joint venture partners made significant exploration progress over multiple assets around Australia.
Carawine began drilling at the Red Dog tenement which is part of the West Paterson Joint Venture (JV) held with Rio Tinto Exploration. Additional programs are planned in the new year.
The company is also undertaking drilling at the Red Bull tenement which is part of the Fraser Range JV held with IGO (IGO), which holds a 70 per cent interest.
Furthermore, Carawine announced drilling and exploration plans in its recent company update for the Coolbro JV and Oakover JVs.
At the end of the September quarter, CWX had $2.7 million in cash and an estimated 2.2 quarters left of funding. However, with the extensive exploration and drilling plans underway and in the pipeline, the company may benefit from additional capital.
Details of the raise are expected to be released when CWX comes out of the trading halt by November 11.
Company shares last traded at 19 cents on November 8.