- Minotaur Exploration (MEP) has entered a trading halt ahead of a proposed capital raise
- The company’s shares will remain in a trading halt until the full capital raise announcement is made or until August 26 at the latest
- It’s possible the funds from the capital raise will go towards the company’s soon-to-be-acquired Pyramid Project in Queensland
- Minotaur has signed a binding term sheet with Avira Resources (AVW) to obtain 100 per cent of the gold project
- Meantime, shares in MEP last traded for six cents each on August 21
Exploration company Minotaur Exploration (MEP) has entered a trading halt ahead of a proposed capital raise.
Minotaur’s shares will remain in a trading halt until the full capital raise announcement is made, or until August 26 at the latest.
It’s possible the funds from the capital raise will go towards the company’s soon-to-be-acquired Pyramid Project, in North Queensland.
The company recently signed a binding term sheet with Avira Resources (AVW) to obtain 100 per cent of the gold project.
Under the deal, Minotaur will pay an option fee of $25,000, then $150,000 in cash and another $150,000 in MEP share to Avira once due diligence is complete.
While a further $100,000 to $150,000 is then owed depending on the results produced from the project.
Before today’s trading halt, shares in Minotaur Exploration last traded for 6 cents each on August 21