- Caspin Resources (CPN) shares enter a voluntary trading halt while the company gears up for an approaching capital raise
- Further details regarding the raise are expected on Wednesday July 14, at which time the trading halt is set to be lifted
- While Caspin has not clear indicated at how it is planning to spend the funds, it recently flagged plans for an upcoming drilling campaign
- Caspin’s most recent quarterly activities report revealed the company held a cash and equivalents balance of $6.8 million
- Prior to the trading halt, Caspin Resources shares last traded at $1.06
Caspin Resources (CPN) shares have entered a voluntary trading halt while the company gears up for an approaching capital raise.
The explorer announced its shares would remain in a trading halt until Wednesday July 14, when further details regarding the raise are expected to be made to the market.
At this stage, Caspin has not explicitly indicated how much it is looking to raise or for what purpose.
In terms of recent news, Caspin confirmed the presence of platinum group elements mineralisation at its Yarawindah Brook project in Western Australia.
The company hinted at a potential 5000 metre follow up drill programme in the coming weeks on the back of the results, describing it as a “fantastic opportunity” to explore the area.
Caspin’s most recent quarterly activities report revealed the company held a cash and equivalents balance of $6.8 million, which was enough to see it through the next 12 quarters based on spending levels at the time.
Prior to the trading halt, Caspin Resources shares last traded at $1.06.