- Carnaby Resources (CNB) enters a trading halt as it plans an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Tuesday, January 25, or when further details about the raise is announced to the market
- Carnaby is a mineral exploration and development company, that has projects in Western Australia and Queensland
- On the market, Carnaby last traded at $1.59 per share
Carnaby Resources (CNB) has entered into a trading halt as it plans an upcoming capital raise.
It is currently not known to the market how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Tuesday, January 25, or when further details about the raise is announced, whichever one comes first.
Carnaby is a mineral exploration and development company, that has projects in Western Australia and Queensland.
Over the December quarter, the company hit gold at its Nil Desperandum prospect, located within the Greater Duchess Project in Queensland.
Drilling results at the Nil Desperandum deposit included 24 metres at 6.5 per cent copper and 0.7 grams per tonne gold from 251 metres and 9 metres at 10.3 per cent copper and 1.2 g/t gold from 264 metres.
Additionally, the company commenced the first drilling at the Lady Fanny prospect during the quarter, outlining a broad, shallow high-grade copper-gold deposit.
At the end of December, Carnaby held $5.8 million in cash, including $360,000 in restricted cash.
On the market, Carnaby last traded at $1.59 per share.