- Metals Australia (MLS) may soon carry out a capital raise after placing its shares in a trading halt
- The junior explorer ended the 2021 financial year with just under $984,000 worth of cash in the bank
- MLS spent FY21 carrying out metallurgical test work at the Lac Rainy Graphite Project and acquiring a WA-based nickel project
- The company plans to announce full details of the proposed fundraise on or before Thursday, September 23
- Shares in Metals Australia last traded at 0.2 cents each on Monday, September 20
Metals Australia (MLS) may soon carry out a capital raise after placing its shares in a trading halt.
The proposed fundraise comes after the junior explorer ended the 2021 financial year with just under $984,000 worth of cash in the bank.
MLS posted a net loss of approximately $465,000 at the end of June, having spent just under $800,000 on expenses.
The company spent much of the year carrying out metallurgical test work at the Lac Rainy Graphite Project in Canada.
It also acquired the Nepean South Nickel Project in Western Australia, which is located along strike of the historic Nepean nickel sulphide mine.
Additionally, MLS carried out geological reviews of the Eade, Pontois and Felicie gold-copper-silver-zinc projects and reviewed its Manindi Lithium Project.
At this stage, the material stock’s shares will remain halted from trading until Thursday, September 23.
Metals Australia is expected to announce the full details of the capital raise on or before that date.
Shares in MLS last traded at 0.2 cents per share on Monday, September 20.