- Magnum Mining and Exploration (MGU) has entered a trading halt as it gets ready to announce a capital raise
- The company will be back on the trading block by Wednesday
- It is unknown how much MGU is hoping to raise is or what fund will be used for
- For the March 2020 quarter, the company burnt $92,000 on operating activities and had $557,000 in available funding
- Company shares last traded for 3.5 cents each on July 10
Magnum Mining and Exploration (MGU) has entered a trading halt as it gets ready to announce a capital raise.
It is unknown how much MGU is hoping to raise is or what fund will be used for. However, this information will be released between now and Wednesday.
For the March 2020 quarter, the company burnt $92,000 on operating activities and had $557,000 in available funding
In April, the company appointed veteran Africa-based mining entrepreneur, Terry McConnachie. He will provide consultancy services to assist in progressing commercial development of the Gravelotte Emerald Project in South Africa.
Magnum currently owns 74 per cent of the Gravelotte project, which is located in the Limpopo province. Emeralds were discovered in Limpopo in 1927.
From 1929 to 1982, the total of reported emerald from the project and surrounding areas totalled nearly 113 million carats.
Company shares last traded for 3.5 cents each on July 10.