- Conico (CNJ) has entered a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until April 9 or when more details are released, whichever occurs first
- In early March, Conico’s subsidiary, Longland Resources, signed a contract with Cartwright Drilling for work at the Ryberg Project in Greenland
- A minimum of 5000 metres will be drilled across the Miki and Sortekap prospects to target magmatic, gold, nickel, copper and cobalt sulphides
- The rigs are planned to mobilised to site in June with work set to begin in July
- Shares in Conico last traded at 3.6 cents on April 6
Conico (CNJ) has entered a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until April 9 or when more details are released, whichever occurs first.
Conico is yet to disclose how much it intends to raise or what it will do with the funds once received.
In early March, Conico’s subsidiary, Longland Resources, signed a contract with Cartwright Drilling for work at the Ryberg Project in Greenland.
The drill rigs are planned to mobilise to site in June with work set to begin in July. Additionally, the rigs could stay on site over the winter period to allow for an early start next season.
A minimum of 5000 metres will be drilled across the Miki and Sortekap prospects to target magmatic, gold, nickel, copper and cobalt sulphides.
Taking a look at its financials, Conico reported a loss of $391,737 for the half ending December 31, 2020, up from the $158,668 loss in the prior corresponding period.
Conico ended the half with just over $1.68 million in cash, up from the $268,553 for the period ending December 31, 2019.
Shares in Conico last traded at 3.6 cents on April 6. The company has a $29.95 million market cap.