- Metal Hawk (MHK) is getting ready to raise additional capital after placing its securities in a trading halt
- The mineral explorer requested the pause on Wednesday, with shares set to begin trading again by Friday
- MHK hasn’t announced any details surrounding the fundraise, but the business ended FY21 with $1.77 million in the bank
- Since then the company’s been focused on drilling the Commodore nickel prospect, located within the Berehaven Nickel Project in WA
- Metal Hawk last traded at 49 cents each on October 5
Metal Hawk (MHK) is getting ready to raise additional capital after placing its securities in a trading halt.
The mineral explorer requested the pause on Wednesday morning, with shares set to begin trading again by Friday, October 8.
The company hasn’t announced any details surrounding the fundraise just yet, but it did recently reveal it ended FY21 with $1.77 million in the bank.
MHK released its full year results last month, notching up a net loss of $1.46 million over 2020/21.
The business spent roughly $926,000 on operating expenses during that period, with most of those costs going towards paying employees and suppliers.
Since releasing its FY21 report, Metal Hawk has been focused on drilling the Commodore nickel prospect, located within its Berehaven Nickel Project.
MHK intersected a zone of extremely weathered and gossanous ultramafic rock which returned 22 metres at 0.27 per cent nickel.
The hole was drilled 150 metres north of the 5.9 per cent massive nickel sulphide intersected at Commodore.
The company said these latest assay results confirm there is potential to find additional nickel sulphides at depth.
Before today’s trading halt, Metal Hawk shares were trading at 49 cents each on October 5.