- Kula Gold (KGD) places its shares in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Monday, September 19, or when the announcement is released, whichever occurs first
- On September 7, Kula announced it had identified six pegmatitic target zones at its Brunswick project in Western Australia
- Five of the pegmatites correlate to a 16-kilometre-long north-south striking radiometric anomaly
- Shares in Kula last traded at two cents on September 12
Kula Gold (KGD) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Monday, September 19, or when the announcement is released, whichever occurs first.
Kula is yet to disclose how much it intends to raise and what it will use the funds for once received.
On September 7, Kula announced it had identified six pegmatitic target zones at its Brunswick project in Western Australia.
Five of the pegmatites correlate to a 16-kilometre-long north-south striking radiometric anomaly than was identified in radiometric datasets.
The pegmatites will be mapped and targeted with further results to be announced in due course.
Kula last tapped investors for cash in August 2021 when it raised $1.08 million via a non-renounceable pro-rata entitlement offer.
Eligible shareholders received one fully-paid ordinary share for every four held at an issue price of 0.2 cents.
Kula stated it would use 50 per cent of the funds to begin a scoping study at the Boomerang kaolin project with the remainder to be put towards exploration work.
Shares in Kula last traded at 2 cents on September 12. The company has a $5.37 million market cap.