- Junior miner GWR Group (GWR) starts the week in a trading halt as it prepares to launch a fresh capital raise
- The company is yet to reveal the details of the raise, so it’s currently uncertain how much GWR plans to raise and for what it will use the funding boost
- News of the raise comes less than two weeks after GWR announced it was restarting mining operations at its C4 Iron Ore mine in Wiluna, WA
- The company says recovering iron ore prices prompted the move, and GWR shares have recently posted a similar resurgence
- Shares in GWR last traded for 18 cents each on Friday, January 21
Junior miner GWR Group (GWR) has started the week in a trading halt as it prepares to launch a fresh capital raise.
The company is yet to announce the details of the planned raise, so at this stage, it is uncertain exactly how much GWR plans to raise and for what it will use the funding boost.
Shares will remain in a trading halt until Thursday, January 27, unless the company announces the details of the raise before this point.
News of the capital raise comes less than two weeks after GWR Group restarted mining operations at its C4 Iron Ore mine in Wiluna, Western Australia.
The company initially suspended operations in September 2021 on the back of falling iron ore prices.
With prices beginning to show signs of recovery towards the end of 2021 and through to early 2022, the company made the call in January to begin operations once more.
GWR shares have posted a similar recovery: though the company traded for around 10 cents per share through the final months of 2021, the last week of December saw a sudden uptake in shares. The company touched 22 cents per share on January 13 this year.
It’s currently uncertain at what price GWR will offer new shares to investors under the upcoming capital raise.
Shares in GWR Group last traded for 18 cents each on Friday, January 21. The company has a $53 million market cap.