- Equus Mining (EQE) has entered a trading halt regarding an upcoming capital raise
- The company recently completed the acquisition of the Cerro Bayo project in Chile which includes a 295-square kilometre mining claim package and has established infrastructure
- Prior to this, Equus announced it intended to raise up to US$3 million (A$4.3 million) in new capital to provide working capital for the project
- Final details on the raise are expected to revealed by Wednesday, December 8
- Company shares last traded at 0.6 cents on December 3
Equus Mining (EQE) has entered a trading halt regarding an upcoming capital raise.
In early October, the company stated it intended to raise up to US$3 million (A$4.3 million) in new capital to provide working capital for the Cerro Bayo project in Chile.
Late last week, Equus completed the acquisition of the project from Mandalay Resources. The company now owns all the mine infrastructure, including the operational flotation plant and stockpile processing, mining infrastructure, existing mineral resources and 295-square kilometre mining claim package.
The tenement package reportedly hosts high potential exploration targets — many of
which are located along trend of multiple historical producing mines within two kilometres from the processing plant and infrastructure.
Managing Director John Braham commented on the acquisition.
“The completion of the acquisition is an exciting milestone which uniquely positions the company amongst its peers to leverage off a fully operational plant producing gold and silver, a significant existing resource base and a large, highly prospective land package in what is considered one of the premier epithermal gold-silver mining provinces globally,” he said.
While Equus revealed it may raise up to US$3 million, it isn’t certain what the final amount raised will be nor on what exactly the funds will be spent. These details will be announced by Wednesday, December 8.
Company shares last traded at 0.6 cents on December 3.