- Cyprium Metals (CYM) has ended the week in a trading halt while it inks out the details of a capital raise
- The company will remain in the halt until February 9, or when an announcement is made, whichever occurs first
- Cyprium last entered a trading halt in October 2020 in regard to a $6 million capital raising – consisting of a $5 million placement and $1 million share purchase plan
- Once received, the money was used to fund exploration and undertake resource drilling and metallurgical testwork
- Shares in Cyprium last traded at 24.5 cents on February 4
Cyprium Metals (CYM) has ended the week in a trading halt while it inks out the details of a capital raise.
The company will remain in the halt until February 9 or when an announcement is made, whichever occurs first.
Cyprium is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its December quarterly report, CYM revealed it had burnt $202,000 with the majority going towards staff, administration and corporate costs.
Cyprium also invested $654,000 in exploration and evaluation.
As of December 31, the company had more than $5.3 million in available funding, representing ample quarters’ left of use if spending levels remain the same.
Cyprium last entered a trading halt in October with regards to a $6 million capital raising – consisting of a $5 million placement and $1 million share purchase plan.
Under the placement, more than 33 million fully-paid ordinary shares were issued to sophisticated, professional and institutional investors at 15 cents.
This price was an 11.5 per cent discount to the five-day volume-weighted average price.
Under the share purchase plan, shareholders were able to subscribe for up to $30,000 worth of shares without incurring any brokerage or commission costs.
Cyprium stated it would use the money to fund exploration and undertake resource drilling and metallurgical testwork at its Murchison Copper-Gold Projects.
Shares in Cyprium last traded at 24.5 cents on February 4.