- Nagambie Resources (NAG) has entered a trading halt while it finalises the terms of a convertible note capital raise
- Nagambie Resources is an ASX-listed gold miner with 3600 square kilometres of exploration licences in Central Victoria
- At the end of the December quarter, Nagambie Resources had $644,000 in cash and equivalents and just 1.1 estimated quarters left of available funding
- The trading halt will remain in place until Thursday, April 1, unless the details of the capital raise are released earlier
- Company shares last traded at 8.1 cents on Monday, March 29
Nagambie Resources (NAG) has entered a trading halt while it finalises the terms of a convertible note capital raise.
The trading halt will remain in place until Thursday, April 1, unless the details of the capital raise are released earlier.
Nagambie Resources is an ASX-listed gold miner with 3600 square kilometres of exploration licences in Central Victoria.
The company holds various tenements for mineral exploration activities and these tenements require Nagambie to spend a certain amount of money on exploration.
To satisfy these requirements, Nagambie need to spend $1,286,983 for the 12 months ending December 31, 2021. After that, it expects to spend about $1.1 million every 12 months.
At the end of the December quarter, Nagambie Resources had $644,000 in cash and equivalents and just 1.1 estimated quarters left of available funding. As it is approaching the end of the March quarter, the company is likely in need of a cash boost.
Although, Nagambie said it held listed securities with a market value of $3.1 million as of December 31 and has securities valued at $1.21 million for sale at the end of the current quarter.
Company shares last traded at 8.1 cents on Monday, March 29.