- Metalicity (MCT) place its shares in a trading halt ahead of an upcoming capital raise
- The trading halt is set to be lifted when it makes a formal announcement regarding the raise on or before Tuesday, June 15
- The capital raise comes after MYC revealed it has over one quarter’s worth of funding available in an April quarterly cashflow report
- Despite this, MTC said it had a “number of funding alternatives available which it is exploring and was confident that one or more of these will be successful”
- Prior to the trading halt, Metalicity shares last traded at 1.2 cents.
Metalicity (MCT) has placed its shares in a trading halt ahead of an upcoming capital raise.
Shares in the Australia-based minerals explorer are set to remain in a trading halt until it releases a formal announcement regarding the capital raise or the commencement of trading on Tuesday, June 15.
While Metalicity has not explicitly indicated how much it is looking to raise or how it plans to spend the funds, its recent quarterly cashflow report indicated MCT had just over one quarter’s worth of funding available based on spending levels at the time.
In its rationale for the subdued cashflow as per ASX requirements, MTC said it had a “number of funding alternatives available which it is exploring and is confident that one or more of these will be successful”.
The announcement also follows Metalicity’s 52.8-gram-per-tonne gold find at its Kookynie Gold Project in Western Australia, with drilling also giving way to two distinct zones of mineralisation that showed “significant potential”, according to the company.
Prior to the trading halt, Metalicity shares last traded at 1.2 cents.