- WA-based explorer Mount Ridley Mines (MRD) has entered the week in a trading halt ahead of a capital raise and acquisition
- Last month, MRD released its FY20 annual report, which outlined a slight increase in operational expenditure and a smaller loss of $376,293 compared to $589,558 in FY19
- Unfortunately, the miner ended the year with just under $400,00 in cash, compared to over $1 million at the end of FY19
- While it is unclear how much MRD will raise and what it will acquire, it is clear the company will benefit from a boost in cash
- MRD shares last traded for 0.3 cents on Friday, October 9
Mount Ridley Mines (MRD) has entered the week in a trading halt ahead of a capital raise and acquisition.
The company will remain in a trading halt until the earlier commencement of trading on Wednesday, October 14, unless details of the capital raise and acquisition come beforehand.
Mount Ridley Mines is an exploration company focused on its wholly-owned namesake project which is located 60 kilometres northeast of Esperance in the Albany-Fraser Belt of Western Australia.
The company’s last capital raising took place in October last year when it raised $279,943 through a placement to sophisticated investors.
Last month, MRD released its FY20 annual report. In terms of revenue, Fy20’s results were fairly on par with the previous financial year and cash used for operating activities climbed from $996,318 in FY19 to over $1.1 million in FY20.
MRD also ended the 2020 financial year with just $399,921 compared to around $1.01 million at the end of FY19.
Positively, the company reported a smaller loss of $376,293 in FY20 compared to $589,558 in FY19.
While it’s unclear how much the WA miner will raise and what it wants to acquire, it is clear the company will benefit from a boost in cash.
MRD shares last traded for 0.3 cents on Friday, October 9.