- Potash explorer FYI Resources (FYI) has entered a trading halt ahead of an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise and where the funds will be spent
- The trading halt means company shares will be paused until Monday, November 30, or when more details about the raise are released
- This isn’t the first capital raise for the financial year, in August FYI raised $2.7 million to progress its high-purity alumina (HPA) project in Western Australia
- On the market, FYI last traded for 22.5 cents per share on November 25
FYI Resources (FYI) has entered a trading halt ahead of an upcoming capital raise.
So far, there are no details about the raise, meaning it is unknown how much the company is aiming to raise and where the funds will be spent.
Company shares will be paused until Monday, November 30, or when more details about the raise are released to the market.
FYI is a potash explorer focussed on the exploring and developing projects in Southeast Asia.
This isn’t the company’s first capital raise for the financial year: in August, FYI raised $2.7 million to progress its high-purity alumina (HPA) project in Western Australia.
Over the September quarter, the company completed its second HPA production trial from its pilot plant in Welshpool. The plant operated as expected and the company now hopes to commercialise its HPA product for the LED lighting and lithium-ion battery market.
During the quarter, the company spent just over $1 million in operating activities and finished the period with $410,000 in the bank.
On the market, FYI last traded for 22.5 cents per share on November 25.