- Essential Metals (ESS) has entered back-to-back trading halts ahead of a capital raise
- Essential says the capital raise will be in the form of a placement and share purchase plan but how much will be raised is not yet known
- The market may also have to wait until the end of the week to find out what the money is being used for
- There’s potential it may support exploration efforts as drilling at its WA-based Juglah Dome Project is planned to begin this month
- Company shares last traded for 9.7 cents on Friday, November 13
Essential Metals (ESS) has entered back-to-back trading halts ahead of a capital raise.
The company will remain in the trading halts until the commencement of trading on Friday, November 20, unless details of the raise are announced earlier.
At this stage, Essential has told the market the capital raise will be in the form of a share placement and a share purchase plan. However, how much will be raised or what the money will be used for is not yet known.
Essential Metals is an exploration and development company focused on discovering and producing metals such as gold, caesium, nickel and lithium.
Last week, the miner confirmed a high-grade zone of caesium at the Sinclair Caesium Deposit in WA.
Essential is encouraged by these findings but will need to uncover more high-grade caesium for another drilling program to be feasible.
Late last month, the company also inked its plans to conduct drilling at three prospects within its wholly-owned Juglah Dome Project which lies east-southeast of Kalgoorlie.
The upcoming funding raise may potentially support these exploration efforts.
Before today’s trading halts, company shares last traded for 9.7 cents on Friday, November 13.