- Musgrave Minerals (MGV) has placed its shares in a trading halt as it begins planning a fresh capital raise
- The company will remain in a halt until the raise is announced in full to the market, setting out how much it plans to raise
- It’s likely this will be released on or before Monday, December 14, the last day the trading halt is in effect
- Recently, Musgrave has been focused on its Cue Gold Project where it received high-grade assay results from further aircore drilling
- It also revealed it had spent over $2 million on exploration costs during the September quarter
- Shares in MGV last traded for 42.5 cents each
Musgrave Minerals (MGV) has placed its shares in a trading halt as it begins planning a fresh capital raise.
The exploration company will remain in a trading halt until the equity raise is announced in full to the market, setting out exactly how much it plans to tap investors for.
It’s likely this announcement will be released on or before Monday, December 14, the last day the newly requested trading halt is in effect.
Before the capital raise planning, Musgrave had been focused on its Cue Gold Project in WA’s Murchison district.
The materials stock just received additional high-grade assay results from aircore drilling it carried out at the project’s Starlight gold discovery.
The company is also completing follow-up drilling within the project as it awaits additional assay results.
In total, Musgrave estimates it spent around $2.27 million on exploration costs during the September quarter.
It ended the period with more than $8 million worth of funding available, enough to sustain the explorer for an additional five quarters.
Before today’s trading halt, shares in Musgrave Minerals were trading for 46.5 cents each on December 9.