- Australian-based mineral exploration company Conico (CNJ) enters a trading halt regarding a capital raise
- Conico last raised capital in September last year which involved a $4 million placement to fund exploration in Greenland as well as further assess the Mt Thirsty project in WA
- The company also said it would allocate funds from that placement towards a 2022 exploration program at the Ryberg and Mestersvig projects
- At this stage, CNJ expects to release the capital raise details prior to when it resumes trade on March 31
- Conico shares last traded at 1.5 cents on March 28
Australian-based mineral exploration company Conico (CNJ) entered a trading halt this morning regarding a capital raise.
Conico hasn’t provided any details on the upcoming raise, such as how much it plans to raise nor where the funds will be allocated.
Conico last raised capital through a placement in September 2021 which raised roughly $4 million through the issue of 67 million shares priced at six cents each. Sophisticated investors also received one fully-paid ordinary share for every 20 shares held.
The money went towards the remainder of the 2021 exploration program at the Ryberg project in Greenland, further assessment of the Mt Thirsty project in WA, and working capital.
The company also said it would allocate some of the money towards a 2022 exploration program at the Ryberg and Mestersvig projects.
Conico is yet to disclose what the exploration activities will be and whether they have commenced yet at the Greenland-based assets.
At this stage, the company expects to release the announcement with the capital raise details prior to when it resumes trade on March 31.
Conico last traded at 1.5 cents on March 28.