- Carnaby Resources (CNB) has frozen its stock as it gets ready to tap shareholders for fresh capital
- The exact amount the company wants to raise or what the funds will be used for is still unknown at this stage
- However, Carnaby’s shares will remain in a trading halt until Wednesday, September 9
- More recently, the company has been engaged in exploration work at its Strelley Project in WA’s Pilbara region
- An 8500-metre aircore drilling program and aeromagnetic survey is expected to begin at the site next month
- Carnaby also said it was “well funded” in a recent presentation to investors, with $2.8 million in the bank
- Shares in CNB last traded for 36.5 cents each
Exploration company Carnaby Resources (CNB) has frozen its stock as it gets ready to tap shareholders for fresh capital.
At this stage, it’s unclear how much Carnaby wants to raise, how it’ll procure the funds, or what the money will be used for.
But, the company said it expects its shares to remain locked up in a trading halt until Wednesday, September 9.
The capital raise comes as Carnaby focuses in on exploration work at its Strelley Project in WA’s Pilbara region.
The company has an 8500-metre aircore drilling program planned for the site, with work slated to begin next month.
It’s also planning to undertake an aeromagnetic survey at the site during October, with reverse circulation drilling planned for November.
Meantime, the company told investors it was “well funded” in a recent presentation, tabling $2.8 million worth of cash in the bank.
If it’s well supported, today’s capital raise will strengthen Carnaby’s balance sheet even further.
Shares in Carnaby Resources last traded for 36.5 cents each on Friday, September 4.