- Equus Mining (EQE) enters a mid-week trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Friday, August 26, or when the announcement is released to the market, whichever occurs first
- Prior to entering the halt, Equus’ most recent news was the release of its June quarterly with the period highlighted by work at the Cerro Bayo Project in Chile
- As of June 30, Equus had nearly $2.15 million in total available funding, representing 1.9 quarters of use, suggesting the company could benefit from a capital raise
- Shares in Equus last traded at 11 cents on August 23
Equus Mining (EQE) has entered a mid-week trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Friday, August 26, or when the announcement is released to the market, whichever occurs first.
Equus is yet to disclose how much it intends to raise or what it will use the funds for once received.
Prior to entering the trading halt, Equus’ most recent news was the release of its June quarterly report with the period highlighted by drilling at the Taitao resource extension exploration target and processing low-grade stockpiles within the Cerro Bayo Project in Chile.
High-grade gold and silver was intersected in three holes at Taitao with up to 24.80g/t gold and 1640g/t silver returned.
Further, low-grade stockpiles are continuing to be processed at Cerro Bayo with operations impacted by inflationary pressure.
Equus has implemented changes to the mining methodology and introduced pre-processing of feed material to attain the required cut-off grade to maintain a viable operation.
Looking at its financials, Equus received $10.61 million in receipts from customers and burnt through just over $10.01 million, resulting in the company being cash flow positive of $598,000.
As of June 30, Equus had nearly $2.15 million in total available funding, representing 1.9 quarters of use, suggesting the company could benefit from a capital raise.
Shares in Equus last traded at 11 cents on August 23. The company has a $19.14 million market cap.