- Mont Royal Resources (MRZ) has placed its shares in a trading halt as it gets ready to carry out a capital raising
- The materials stock will remain halted from trade on the ASX until next Tuesday, when full details of the fundraise will be made public
- MRZ has spent the last few months focused on its planned acquisition of 75 per cent of Northern Lights Minerals and its Canadian assets
- Mont Royal says it needs to raise $4 million to complete the acquisition and secure NLM’s land package in the Upper Eastmain Greenstone Belt of Quebec
- Company shares last traded at 45 cents each on Thursday, November 11
Mont Royal Resources (MRZ) has placed its shares in a trading halt as it gets ready to carry out a capital raising.
The materials stock will remain halted from trading on the ASX until next Tuesday, November 16 when full details of the fundraise will be made public.
MRZ has spent the last few months focused on its planned acquisition of Australian company Northern Lights Minerals.
Mont Royal is in the process of buying a 75 per cent stake in NLM and its associated Canadian gold and base metal assets.
The company is interested in earning the right to Northern Lights’ 536-square kilometre land package in the Upper Eastmain Greenstone Belt of Quebec.
MRZ already has a footprint in the region through its stake in the Wapatik Gold-Copper Project, located in the James Bay area of Quebec.
In order to complete the acquisition of NLM, MRZ said it would need to raise a minimum of $4 million in capital (before costs).
Before today’s trading halt, shares in mont Royal Resources were trading at 45 cents each on Thursday, November 11.