- Kaiser Reef (KAU) shares have entered a trading halt as the company announces plans for an upcoming capital raise
- The trading halt is set to be listed on or before Monday, September 6, when further details regarding the raise are released to the market
- Kaiser’s most recent quarterly cashflow report booked a cash and equivalents balance of $4.7 million, enough at that time for the next five quarters
- The hunt for capital comes as Kaiser ramps up exploration efforts at its Queens Lode Prospect within the A1 gold mine in Victoria’s Lachlan Gold Belt
- Prior to today’s trading halt, Kaiser Reef shares last traded at 23 cents
Kaiser Reef (KAU) shares have entered a trading halt as the company announces plans for an upcoming capital raise.
Securities in the gold explorer are expected to remain locked in the voluntary trading halt until no later than the commencement of trading on Monday September 6 2021.
At this stage, Kaiser Reef has not explicitly indicated how much it might look to raise or for what purpose.
The company had approximately five quarter’s worth of funding available according to its June quarterly cashflow report, underpinned by a $4.7 million cash and equivalents balance.
Kaiser Reef has amped up ongoing exploration efforts at its A1 gold mine within Victoria’s Lachlan Gold Belt, completing more drilling at the project in 2021 than in the past five years.
The company also appointed Mining One to conduct a technical study “to provide the optimal development plan” for the Queens Lode – a prospect within the project.
Prior to today’s trading halt, Kaiser Reef shares last traded at 23 cents.