- GTI Resources (GTR) is getting ready to raise capital and potentially acquire a new asset, after placing its shares in a trading halt
- The gold, uranium and vanadium exploration company’s shares will remain halted from trade until Wednesday, August 18
- No details of the potential acquisition are available just yet, but GTI recently disclosed that it ended June with $2.37 million worth of cash in the bank
- The company has also revealed it’s being sued by Ausi Projects in Utah over the alleged breach of an agreement signed in 2019 – a claim it plans to defend
- Shares in GTI Resources last traded at 1.7 cents per share on Friday, August 13
GTI Resources (GTR) is getting ready to raise capital and potentially acquire a new asset, after placing its shares in a trading halt.
The gold, uranium and vanadium exploration company’s shares will remain halted from trade until Wednesday, August 18.
No details of the potential acquisition have been released just yet, but GTI recently disclosed that it ended June with $2.37 million worth of cash in the bank.
According to the company, that’s enough funds to keep the business running for another 6.5 quarters of growth, after burning through $184,000 on operation expenses.
GTI also recently revealed it was being sued by Ausi Projects in the US State of Utah over the alleged breach of an agreement signed back in 2019.
Ausi was asking for US$265,000 (A$361,000) in damages as a result of the breach, however, GTI said it disputes the allegation and would defend itself.
Additionally, the company has filed a counterclaim against Ausi for damages that are higher than the ones being sought from GTI.
Before today’s trading halt, shares in GTI Resources last traded at 1.7 cents on Friday, August 13.