- Future Metals (FME) places its shares in a trading halt pending the release of a capital raising announcement
- The company’s shares will remain in the halt until Wednesday, August 17, or when the announcement is released to the market, whichever occurs first
- Prior to entering the trading halt, Future Metals’ most recent news was its June quarterly report which was highlighted by the MRE update at the Panton PGM project
- The company burnt through $478,000 on operating activities for the three months to June 30 and ended the period with $3.33 million in total available funding
- Shares in Future Metals last traded at 13.5 cents on August 9
Future Metals (FME) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company’s shares will remain in the halt until Wednesday, August 17, or when the announcement is released to the market, whichever occurs first.
Future Metals 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, Future Metals’ most recent news was its June quarterly report.
The period was highlighted by the mineral resource estimate update at the Panton platinum group metal (PGM) project to 129 million tonnes at 1.20 grams per tonne (g/t) PGM, 0.19 per cent nickel and 154 parts per million cobalt.
This update represented a 108 per cent increase in contained PGMs and a 526 per cent increase in contained nickel.
The company burnt through $478,000 in operating activities with all going towards administration and corporate costs, and invested $565,000 in its property, plant and equipment.
As of June 30, Future Metals had $3.33 million in total available funding, representing 3.2 quarters of use if spending levels remain the same.
Shares in Future Metals last traded at 13.5 cents on August 9. The company has a $47.86 million market cap.