- Mincor Resources (MCR) shares are locked in a trading halt while the company undertakes a planned capital raise
- Mincor says its shares will be lifted from the trading halt on September 8, at which time the outcome of the capital raise is set to be announced to market
- The company has not explicitly indicated how much it is looking to raise or how it plans to spend the proceeds
- Mincor’s financial report for the 2021 financial year reported the company had a cash balance of $58.9 million
- Prior to today’s trading halt, Mincor Resources shares last traded at $1.44
Mincor Resources (MCR) shares are locked in a trading halt while the company undertakes a planned capital raise.
Shares in the nickel resource company are set to remain in the trading halt until September 8, at which time the outcome of the capital raise is set to be made to the market.
The company has not explicitly indicated how much it is looking to raise or for what purpose, but said it would be using the trading halt to undertake the raise in an “orderly fashion.”
Mincor’s financial report for the 2021 financial year reported the company had a cash balance of $58.9 million — compared to $47.0 million in the prior year — with nil drawn on its corporate debt facility.
The company incurred a $13.4 million after tax net loss for FY221, which Mincor attributed predominantly to its $7.3 million in exploration expenditure and administrative expenses of $5.5 million.
Mincor’s total liabilities were $37.0 million for the period end, representing an increase of $20.6 million from 30 June 2020.
Prior to today’s trading halt, Mincor Resources shares last traded at $1.44.