- Iron explorers Eastern Iron (EFE) has entered a trading halt ahead of an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise and where the funds will be spent
- Company shares will be paused until Tuesday, February 2, or when more details about the raise are released to the market
- Last month, Eastern Iron selected a drilling contractor for its Nowa Nowa Copper Project, which it is expecting to commence drilling in late February or early March
- Eastern Iron last traded for 1 cent on January 27
Eastern Iron (EFE) has entered a trading halt ahead of an upcoming capital raise.
So far, there are no details about how much the company is aiming to raise and what the funds will be used for.
Under the halt, company shares will be paused until Tuesday, February 2, or when more details about the raise are released to the market.
Last month, the iron explorers selected a drilling contractor for its Nowa Nowa Copper Project in Victoria.
Eastern Iron is planning on drilling four 200-metre reverse circulation (RC) drillholes at the Three Mile Prospect.
The company expects the drilling to commence in late February or early March.
Today, the company has also announced the results from the annual general meeting. This includes Myles Fang being re-elected as a Director for Eastern Iron.
Eastern Iron last traded for 1 cent on January 27.