- Godolphin Resources (GRL) places its shares in a trading halt pending an upcoming capital raising
- The company will remain in the halt until the earlier of Thursday, July 28, or when further details are released to the market
- On July 21, Godolphin announced it had mobilised a diamond core drill rig to the Narraburra Rare Earth Project in NSW with a four-hole drill program now underway
- The drilling will test and confirm rare earth and rare metal mineralisation at the project with the samples to be used to determine the mineralogy and flow sheet testing
- Shares in Godolphin last traded at 11.5 cents on July 22
Godolphin Resources (GRL) has placed its shares in a trading halt pending an upcoming capital raising.
The company will remain in the halt until the earlier of Thursday, July 28, or when further details are released to the market.
Godolphin is yet to disclose how much it intends to raise or what it will use the money for once it has been received.
On July 21, Godolphin announced it had mobilised a diamond core drill rig to the Narraburra Rare Earth Project in NSW with a four-hole drill program now underway.
The drilling will test and confirm rare earth and rare metal mineralisation at the project with the samples to be used to determine the mineralogy, flow sheet testing, deportment of metals, extraction and additional metallurgical testwork.
Drilling is expected to take two weeks to complete with results estimated to be received by September.
Godolphin last tapped investors for cash in November 2020 when it undertook a $3.5 million placement.
The money was raised through the issue of 14,583,340 new shares to sophisticated and professional investors at a price of 24 cents each.
Godolphin said it planned to use the money to aggressively test and advance gold and copper-gold targets across its projects within the Lachlan Fold Belt in NSW.
Shares in Godolphin last traded at 11.5 cents on July 22. The company has a $9.67 million market cap.