- Genesis Minerals (GMD) has entered a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until the earlier of April 22 or when more details regarding the raise are released
- On April 9, Genesis received new results from its Ulysses Gold Project in Western Australia
- Drilling was carried out across the Puzzle, Puzzle North and Orient well prospects to build on and expand the recent mineral resource upgrade
- Results peaked at 2.92g/t gold from Puzzle, 2.77g/t gold from Puzzle North and 67.8g/t gold from Orient Well
- Shares in Genesis last traded at 6.3 cents on April 19
Genesis Minerals (GMD) has entered a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until the earlier of April 22 or when more details regarding the raise are released.
Genesis is yet to disclose how much it intends to raise or what it will do with the funds once received.
On April 9, Genesis received new results from its Ulysses Gold Project in Western Australia.
Drilling was carried out at the Puzzle, Puzzle North and Orient Well prospects to build on and expand the recent mineral resource upgrade.
Results peaked at 2.92g/t gold from Puzzle, 2.77g/t gold from Puzzle North and 67.8g/t gold from Orient Well.
Drilling will now focus on extending the resource at Orient Well and Puzzle North, and extending and upgrading the resource at Puzzle.
Taking a look at its financials, Genesis recorded a loss of just over $8.7 million for the period ending December 31, 2020.
This is more than double the $4 million recorded in the prior corresponding period.
At the end of the half-year, Genesis had cash assets totalling $18.3 million and net assets of $20.9 million, up from the respective $11.1 million and $15.1 million as of June 30, 2020.
Shares in Genesis last traded at 6.3 cents on April 19. The company has a $122.4 million market cap.