- Kula Gold (KGD) begins the week in a trading halt to consider, plan and execute a capital raising
- The company will remain in the halt until July 21 or when more details regarding the raise are released, whichever occurs first
- In mid-July, Kula announced it had discovered high-quality kaolin clays at the Airfield Project in Western Australia
- Initial samples confirm high ISO brightness, high kaolin percentage and low impurities
- Shares in Kula last traded at 5.4 cents on July 16
Kula Gold (KGD) has begun the week in a trading halt to consider, plan and execute a capital raising.
The company will remain in the halt until July 21 or when more details regarding the raise are released, whichever occurs first.
Kula is yet to disclose how much it intends to raise or what it will use the funds for once received.
On July 13, Kula announced it had discovered high-quality kaolin clays at the Airfield Project in Western Australia.
Recently completed reverse circulation (RC) drilling intersected more than 42 metres of kaolin clay near surface at the Boomerang Kaolin Prospect.
Initial samples from the lab confirm high ISO brightness, high-kaolin percentage and low impurities.
Kula is now planning a further RC drilling program in August to define and test the extents of the kaolinised zone.
The company last entered a trading halt in early March in regards to a $930,000 placement.
The funds were raised via the issue of roughly 23.37 million fully-paid ordinary shares to sophisticated and professional investors at four cents.
Once received, Kula used the money to undertake exploration activities at its Brunswick and Marvel Loch projects in Western Australia.
Shares in Kula last traded at 5.4 cents on July 16. The company has a $9.67 million market cap.