- Australia-based mining and exploration company Kingwest Resources (KWR) enters a trading halt pending an upcoming capital raising
- The company will remain in the halt until October 14 or when more details regarding the raise are released, whichever occurs first
- On October 6, Kingwest announced it would form a joint venture with FMR Investments to restart production at the Menzies gold project in Western Australia
- Work will be undertaken at the Yunndaga deposit which reportedly has multiple high-grade shoots and was last mined roughly 85 years ago
- Shares in Kingwest last traded at 14 cents on October 8
Australia-based mining and exploration company Kingwest Resources (KWR) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until October 14 or when more details regarding the raise are released, whichever occurs first.
Kingwest is yet to disclose how much it intends to raise or what the funds will be used for once received.
On October 6, Kingwest announced it will be forming a joint venture with FMR Investments to restart gold production at the Menzies gold project in Western Australia.
Through a term sheet, the companies will form a joint venture with Kingwest holding 40 per cent and FMR holding 60 per cent.
This will allow underground operations to restart at the Yunndaga deposit which reportedly has multiple high-grade shoots and was last mined roughly 85 years ago.
Kingwest believes this joint venture is the first step in unlocking the commercial potential of Menzies.
Shares in Kingwest last traded at 14 cents on October 18. The company has a $29.15 million market cap.