- Maximus Resources (MXR) begins the week in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until the earlier of August 18 or when more details are released, whichever occurs first
- On July 29, Maximus announced it had identified highly prospective electromagnetic (EM) conductors at the Hilditch West target
- Interpretation of data from a fixed-loop electromagnetic survey outlined two shallow conductors along strike and below previous intersections
- Shares in Maximus last traded at 7.6 cents on August 13
Maximus Resources (MXR) has begun the week in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until the earlier of August 18 or when more details are released, whichever occurs first.
Maximus is yet to disclose how much it intends to raise or what it will use the funds for once received.
On July 29, Maximus announced it had identified highly prospective electromagnetic (EM) conductors at the Hilditch West target.
A fixed-loop EM survey was undertaken at Hilditch West to follow up on several nickel-copper intersections to identify new targets.
Interpretation of this data outlined two shallow conductors along strike and below recent intersections.
Additionally, up to 1.5 per cent nickel, 0.08 per cent cobalt and 0.23 per cent copper was intersected.
A day later, Maximus released its June quarterly report, revealing it had burnt through $356,000 and invested $934,000.
The company ended the quarter with nearly $1.33 million in total available funding, representing 1.03 quarters of use if spending levels stay the same.
When answering whether it had taken steps or plans to raise further cash to fund operations, Maximus stated it is expecting funds from an insurance settlement.
Shares in Maximus last traded at 7.6 cents on August 13. The company has a $10.68 million market cap.