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- Cohiba Minerals (CHK) has entered two consecutive trading halts regarding an upcoming capital raising
- The company will remain in the halts until August 28 or when the announcement is made, whichever occurs first
- On August 14, Cohiba received the green light to begin drilling at its Horse Well and Pernatty C prospects in South Australia
- Drilling will begin at Horse Well to target the deep magnetotelluric conductive feature
- Company shares have been trading for 1.6 cents each since August 21
Cohiba Minerals (CHK) has entered two consecutive trading halts regarding an upcoming capital raising.
The company will remain in the halts until August 28 or when the announcement is made, whichever occurs first.
On August 14, Cohiba received the green light to begin drilling at its Horse Well and Pernatty C prospects in South Australia.
The company has received formal approval from the Heritage Survey and Exploration PERP and field personnel have been deployed to the site to make sure that drill preparation has been completed.
Drilling will begin at Horse Well to target the deep magnetotelluric conductive feature.
Cohiba last entered a trading halt in December 2018 regarding a $1.6 million capital raise.
The funds were raised via the issue of approximately 106.6 million fully paid ordinary shares at a price of 1.5 cents each.
Once completed, Cohiba had a cash balance of around $2.7 million, putting it in a strong financial position as it sped up planned exploration programs at its Olympic Domain tenements.
Company shares have been trading for 1.6 cents each since August 21.
