PriceSensitive

Myanmar Metals (ASX:MYL) flags future capital raise

The Market Online Deal Room
ASX:MYL
07 October 2020 12:04 (AEDT)

Image Sourced Myanmar Metals Limited

Exploration company Myanmar Metals (MYL) has entered a trading halt as it gets ready to announce a capital raise to shareholders and investors.

No details have been released just yet, however, the explorer’s shares will remain in a trading halt until the end of the week — unless it makes the capital raise announcement early.

Looking at Myanmar’s finances, the business recently announced in its 2020 financial year annual report that it ended the year with a $13.5 million comprehensive loss

That’s slightly better than the $16.2 million loss recorded at the end of the previous financial year.

However, the explorer still burnt through over $16.7 million throughout FY20, with $10.3 million spent on exploration and evaluation activities.

The majority of that money went towards its Bawdwin Silver-Lead-Zinc Joint Venture Project near the town of Namtu, within Myanmar.

Meantime, at the end of Fy20 MYL had around $11.1 million worth of cash in the bank, well down on the more than $22.8 million it had at the end of FY19.

Shares in the materials stock last traded on October 6, worth nine cents each.

Related News