- Gladiator Resources (GLA) has entered a trading halt for the purpose of an upcoming capital raise
- The company will remain in the halt until December 7 or when the announcement is made, whichever occurs first
- In early October, Gladiator announced it had finalised the initial exploration program for its Rutherglen and Bendoc gold projects in Victoria
- The aim of this program is to confirm an exploration target at Rutherglen and validate previous drill data at Bendoc for a mineral resource estimate (MRE)
- Drilling at Rutherglen is expected to begin in Q1 2021, while a MRE for Bendoc is expected by the end of next year
- Shares in Gladiator have been trading at 1.4 cents since December 1
Gladiator Resources (GLA) has entered a trading halt for the purpose of an upcoming capital raise.
The company will remain in the halt until December 7 or when the announcement is made, whichever occurs first.
In early October, Gladiator announced it had finalised the initial exploration program for its Rutherglen and Bendoc gold projects in Victoria.
The aim of this program is to confirm an exploration target at Rutherglen and validate previous drill data at Bendoc for a mineral resource estimate (MRE).
Drilling at Rutherglen is expected to begin in Q1 2021, while a MRE for Bendoc is expected by the end of next year.
Looking at its financials, Gladiator burnt through $173,000 in the September quarter with $172,000 of that going towards administrations and corporate costs.
As of September 30, the company had $322,000 left in the bank. Coupled with its cash outflows, GLA has enough capital to support one quarter of operations if spending levels remain the same.
However, this doesn’t seem to phase Gladiator, as the company stated it plans to undertake an entitlement issue.
Shares in Gladiator have been trading at 1.4 cents since December 1.