- Minerals explorer Chase Mining (CML) has locked up its shares in a trading halt ahead of an upcoming capital raise
- Investors are expected to receive a formal announcement regarding details of the raise on or before January 21 as the trading halt is lifted
- In recent developments for CML, the company wrapped up a $600,000 buy for a 40 per cent stake in private exploration company Red Fox Resources
- The capital raise is set to be CML’s first for 2021
- Chase Mining shares last traded at two cents each before it entered the trading halt
Minerals explorer Chase Mining (CML) has locked up its shares in a trading halt ahead of an upcoming capital raise.
The trading halt is expected to be lifted on January 21 when a formal announcement on the capital raise is made.
CML has made no explicit reference as to how much it’s seeking to raise or how it intends to use the funds.
The halt comes shortly after Chase finalised its strategic investment in private Queensland-focused explorer Red Fox Resources.
CML secured a 40 per cent stake in Red Fox for $600,000, granting it access to seven wholly-owned tenements covering 900 square kilometres in Mt Isa / Cloncurry and Georgetown.
The company also appointed Leon Pretorius as non-executive director of Red Fox, exercising its right to appoint a director to the Red Fox board under the purchase agreement.
The capital raise is set to be CML’s first for 2021.
Chase Mining shares last traded at two cents each before it entered the trading halt.