- First Au (FAU) has entered a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until February 8 or when an announcement is made, whichever occurs first
- Just yesterday, First Au revealed it has identified up to 86g/t gold from at the Snowstorm area at the Vic Gold Project
- This result was identified via fieldwork and rock chip sampling programs that are currently underway at the project
- Star West Drilling has been hired to follow-up on this result with work set to begin later in the month
- Shares in First Au last traded at 1.9 cents on February 3
First Au (FAU) has entered a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until February 8 or when an announcement is made, whichever occurs first.
First Au is yet to disclose how much it intends to raise or what it will use the funds for once received.
Just yesterday, First Au revealed it has identified up to 86g/t gold from at the Snowstorm area at the Vic Gold Project.
This result was identified via fieldwork and rock chip sampling programs that are currently underway at the project.
First Au has hired Star West Drilling to begin a maiden drilling program to follow-up on this result. Work is set to begin later in the month.
In its December quarterly, First Au revealed it had burnt through $914,000 in the quarter with the majority going towards exploration and evaluation.
As of December 31, FAU had just over $1.11 million in funding available, representing 1.22 quarters left of use if spending levels remain the same.
Despite this amount of use left, the company isn’t phased as it stated it would assess various fundraising activities and will reduce exploration spend if need be.
Shares in First Au last traded at 1.9 cents on February 3.