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- Malachite Resources (MAR) has requested an immediate trading halt ahead of a capital raise announcement
- Malachite Resources is an Australian resources company focused on nickel in the Solomon Islands and gold in eastern Australia
- In mid-July, the company signed a term sheet to buy the remaining 85 per cent interest in Sunshine Minerals that it did not already own
- Sunshine Minerals owns 80 per cent of Sunshine Nickel, who holds a licence within the Jejevo Nickel Project in the Solomon Islands
- One of the requirements of the proposed acquisition is Malachite completing a capital raise of at least $300,000
- Company shares last traded for six cents each on August 5
Malachite Resources (MAR) has requested an immediate trading halt ahead of a capital raise announcement.
Malachite Resources is an Australian resources company which is focused on nickel in the Solomon Islands and gold in eastern Australia.
Last quarter, the company secured a subscription agreement to acquire up to 15 per cent of Sunshine Minerals. Sunshine owns 80 per cent of Sunshine Nickel, which holds a licence within the Jejevo Nickel Project in the Solomon Islands.
Positively, Malachite met the required expenditure commitments and has now earned a 15 per cent equity interest in Sunshine.
In mid-July, Malachite announced it signed a term sheet to acquire the remaining 85 per cent in Sunshine Minerals.
To achieve this, the company will need to pay $2.3 million by issuing up to 28,750,000 fully paid ordinary shares at an issue price of eight cents each.
Further, the acquisition is subject to the parties entering a formal share sale agreement and Malachite completing a capital raising of at least $300,000.
Malachite ended the June quarter with just $30,000 in cash.
Company shares last traded for six cents each on August 5.
