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- Emu NL (EMU) has entered a trading halt ahead of an equity raising
- Emu is an Australian resource exploration company with a portfolio of five projects located in Western Australiaa
- At this stage, it isn’t clear how much money will be raised or what it will be used for
- However drilling has recently begun at the Monte Cristo prospect, and further drilling is planned at the Gnows Nest gold mine
- Emu will remain in the trading halt until Tuesday, February 16, unless details of the raise are announced earlier
- Emu last traded at 5.1 cents on Thursday, February 11
Emu NL (EMU) has entered a trading halt ahead of an equity raising.
The trading halt will remain in place until Tuesday, February 16, unless details of the raise are announced earlier.
Emu is an Australian resource exploration company with five Western Australian projects under its belt. These include the Gnows Nest, Viper, Sunfire, Graceland, and 8 Mile Dam projects.
At this stage, it isn’t certain how much Emu hopes to raise or where it will allocate the funding. However, last month, 2500 metres of drilling began at its Monte Cristo prospect, which sits next to the Gnows Nest historical gold mine in WA.
Drilling at Monte Cristo is testing the potential of economic mineralisation and will also target other areas along 1500 metres of strike.
Emu also plans to conduct resource definition drilling at Gnows Nest to build on previous drilling which outlined an indicated and inferred resource of 113,400 tonnes at 3.78g/t gold for 13,777 ounces of gold.
Emu last traded at 5.1 cents on Thursday, February 11.
