- KGL Resources (KGL) has entered a trading halt ahead of an upcoming capital raise
- Currently, there is no information about how much the company is aiming to raise and where the funds will be spent
- Company shares will be paused until Monday, February 22, or when more information is released to the market
- KGL is currently developing the Jervois Copper Project in the Northern Territory, which recently received the green tick for its mining management plan from the NT Government
- On the market, KGL last traded for 46 cents per share on February 18
KGL Resources (KGL) has entered a trading halt ahead of an upcoming capital raise.
So far, there is no information on how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Monday, February 22, or when more information is released to the market, whichever one comes first.
KGL is currently developing the Jervois Copper Project in the Northern Territory.
Earlier this year, KGL received the all-clear from the Northern Territory Government for its mining management plan for Jervois.
This approval is a major step in the development of Jervois and KGL is confident that drilling at the project will begin this year.
The company purchased the project in 2011 and since then successfully defined a current JORC Resource of 20.97 million tonnes at 2.03 per cent copper and 31.9g/t of silver.
For the December quarter, KGL spent $234,000 on operating activities and at the end of the period has $5.1 million in the bank.
On the market, KGL last traded for 46 cents per share on February 18.