- eMetals (EMT) enters a mid-week trading halt pending the release of a capital raising and acquisition announcement
- The company will remain in the halt until November 19 or when the announcement is released, whichever occurs first
- On November 4, eMetals updated the market regarding the Raj tantalum prospect at its Gascoyne Project in Western Australia
- Results were received from two reverse circulation holes that tested a pegmatite target and, unfortunately, no anomalous assays were returned
- Shares in eMetals last traded at 1.5 cents on November 12
eMetals (EMT) has entered a mid-week trading halt pending the release of a capital raising and acquisition announcement.
The company will remain in the halt until November 19 or when the announcement is released, whichever occurs first.
eMetals is yet to disclose how much it intends to raise or what it will be acquiring.
On November 4, eMetals updated the market regarding the Raj tantalum prospect at the Gascoyne Project in Western Australia.
The company received results from two reverse circulation (RC) holes that tested a pegmatite target.
Results have been received and, unfortunately, no anomalous assays were returned.
In its September quarterly, eMetals revealed it had burnt through $151,000 with the majority going towards administration and corporate costs.
The company also invested $392,000 in exploration and evaluation.
As of September 31, eMetals had $426,000 in total available funding, representing 1.64 quarters left of use if spending remains the same.
This didn’t phase eMetals, however, as it expects exploration and evaluation costs to be lower in the December quarter and a successful record of undertaking capital raisings.
Shares in eMetals last traded at 1.5 cents on November 12. The company has a $6.37 million market cap.