- Greenstone Resources (GSR) places its shares in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until the earlier of Thursday, June 2 or when an announcement with further details is released
- Prior to entering the halt, Greenstone announced it had encountered high-grade gold intercepts at its Burbanks gold project in WA
- Drilling showed the continuity and thickness of the gold mineralisation with up to 97.28g/t gold intersected
- Shares in Greenstone last traded at 4.8 cents on May 30
Greenstone Resources (GSR) has placed its shares in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until the earlier of Thursday, June 2 or when an announcement with further details is released.
Greenstone is yet to disclose how much it intends to raise or what it will use the funds for once received.
Prior to entering the trading halt, Greenstone announced it had encountered high-grade gold intercepts at its Burbanks gold project in Western Australia.
Drilling has shown the continuity and thickness of high-grade gold mineralisation with a peak intercept of 4.95 metres at 30.46 grams per tonne (g/t) gold from 292.1 metres including 1.3 metres at 97.28g/t gold from 292.1 metres.
At the time of the announcement’s release, Greenstone had eight holes to drill which is expected to be completed within the next four weeks.
Greenstone last undertook a capital raising in February when it raised $3.5 million to accelerate exploration at Burbanks.
The money was raised through the issue of more than 109.37 million shares to professional and sophisticated investors at a price of 3.2 cents.
Shares in Greenstone last traded at 4.8 cents on May 30. The company has a $44.70 million market cap.