Join our daily newsletter At The Bell to receive exclusive market insights
- Golden State Mining (GSM) places its shares in a mid-week trading halt ahead of a potential capital raising
- The company will remain in the halt until April 8 or when more details are released, whichever occurs first
- On April 4, Golden State was granted two tenements at its new exploration area at the Payne’s Find project in the Murchison region of Western Australia
- The new project spans around 1200 square kilometres and contains known lithium-bearing pegmatites with prospective geological settings of multiple late-stage intrusives
- Shares in Golden State last traded at 11 cents on April 5
Golden State Mining (GSM) has placed its shares in a mid-week trading halt ahead of a potential capital raising.
The company will remain in the halt until April 8 or when more details are released, whichever occurs first.
Golden State is yet to disclose how much it intends to raise or what it will use the funds for once received.
On April 4, Golden State was granted two tenements at its new exploration area at the Payne’s Find project in the Murchison region of Western Australia.
The new project spans around 1200 square kilometres and contains known lithium-bearing pegmatites with prospective geological settings of multiple late-stage intrusives considered favourable for lithium.
Golden State last tapped investors for cash in February 2021 when it undertook a $3.2 million placement to complete follow up gold and lithium drilling programs.
Up to 25.6 million new shares were issued to sophisticated and professional investors at a price of 12.5 cents each.
The company’s largest shareholder, Perth Select Seafoods, committed to purchasing one million shares.
Golden State used the money for drilling programs at its Yule South Project and to finance its ongoing working capital requirements and general administrative overheads.
Shares in Golden State last traded at 11 cents on April 5.
