- Metal Bank’s (MBK) securities have been placed in a trading halt pending the release of a capital raising announcement
- The securities will remain in the halt until July 31 or when an announcement is made, whichever occurs first
- A few weeks ago, Metal Bank’s subsidiary, Roar Resources, signed an agreement to option its Triumph Project in Queensland to a private buyer
- The private buyer will purchase the project for a potential cash consideration of $6.4 million and grant Roar a one per cent royalty on gross revenue from gold that’s mined
- Metal Bank last entered a trading halt in January 2018 ahead of results from the Triumph Project
- Shares in Metal Bank last traded for 1.1 cents on July 28
Metal Bank’s (MBK) securities have been placed in a trading halt pending the release of a capital raising announcement.
The securities will remain in the halt until July 31 or when an announcement is made, whichever occurs first.
A few weeks ago, Metal Bank’s subsidiary, Roar Resources, signed an agreement to option its Triumph Project in Queensland to a private buyer.
The private buyer will purchase the project for a potential cash consideration of $6.4 million.
An initial $400,000 will be paid upon settlement of the transaction, and Roar will receive a one per cent royalty on gross revenue from the gold that’s mined.
Additionally, $1.5 million, $2 million, and $2.5 million will be paid on the discovery of a 500,000, one million, and two million-ounce mineral resource.
This sale will allow Metal Bank to focus on its other projects, such as the 8 Mile Project in Queensland.
Metal Bank last entered a trading halt in January 2018 ahead of results from the Triumph Project.
Results from this program peaked at 25.6g/t gold, 40g/t silver, and 0.2 per cent zinc.
Shares in Metal Bank last traded for 1.1 cents on July 28.