- Eclipse Metals (EPM) enters into a trading halt ahead of a capital raise
- It is not known to the market on how much the company is aiming to raise or how it plans to spend the money
- Company shares will be paused until Tuesday, August 30, or when further information has been released to the market
- Shares in Eclipse last traded at 2.3 cents on August 25
Eclipse Metals (EPM) has entered into a trading halt ahead of a capital raise.
It is not known to the market on how much the company is aiming to raise or how it plans to spend the money.
Company shares will be paused until Tuesday, August 30, or when further information has been released to the market.
Eclipse is an Australian mineral exploration company focused on exploring multi-commodity mineralisation with projects in south-western Greenland, the Northern Territory and Queensland.
In March, the company received the final rare earth element (REE) assay results for nine grab samples taken from the Ivittuut (Ivigtût) and Grønnedal-Ika prospects in Greenland.
While the company said the results confirmed the ‘polymetallic nature’ of the prospects, it said it’d be necessary to re-analyse some of the results with more accurate measures because of over-limit values in the first analysis.
Positively, the new assays further confirm the high-grade nature of the area with four out of six samples returning total rare earth oxide values higher than one per cent.
Shares in Eclipse last traded at 2.3 cents on August 25.