- Frontier Resources (FNT) ends the week in a trading halt pending an upcoming capital raising and potential acquisition
- The company will remain in the halt until August 3 or when more details regarding the raise and acquisition are announced, whichever is earlier
- Frontier released its June quarterly yesterday, revealing it had just over $3.08 million in total available funding
- Activities wise, the company received final results from its Kimono Central prospect and mobilised a field crew to the Saki gold prospect
- Shares in Frontier last traded at 1.6 cents
Frontier Resources (FNT) has ended the week in a trading halt pending an upcoming capital raising and potential acquisition.
The company will remain in the halt until August 3 or when more details regarding the raise and acquisition are announced, whichever is earlier.
Frontier is yet to disclose how much it intends to raise or what it will be acquiring.
The company released its June quarterly report yesterday, revealing it had spent $251,000 with the majority going towards exploration and evaluation.
As of June 30, Frontier had just over $3.08 million in total available funding, representing 12 quarters of use if spending levels remain the same.
Activities wise, Frontier received final results from its phase two trench and rock chip sampling program at the Kimono Central prospect in Papua New Guinea.
This program was widely successful with up to 148 grams of gold per tonne (g/t) and 413g/t silver returned.
Additionally, a field crew mobilised to the Saki gold prospect in the quarter to undertake hand trenching, geological mapping and outcrop rock sampling.
A total of 121 trench samples and 33 rock chip samples have been sent to ALS Laboratories in Brisbane for analysis.
Shares in Frontier last traded at 1.6 cents. The company has a $7.82 million market cap.