- Nelson Resources (NES) has placed in shares in a trading halt while it gears up for a capital raise
- The company’s securities are expected to remain in the trading halt until January 22, unless it makes an announcement regarding the capital raise earlier
- At this stage, the company has made no official indication as to how much it is seeking and how it intends to spend the funds
- It comes shortly after the Australian-based gold explorer announced it was planning to commence a reverse circulation drilling program at its Woodline Project in West Australia
- Prior to today’s announcement, NES shares were trading at 8.1 cents each
Nelson Resources (NES) has placed in shares in a trading halt while it gears up for a capital raise.
The Australian-based gold exploration company advised its shares would remain in trading halt until a formal announcement was made relating to the raise.
According to the Nelson Resources trading halt request to the ASX, shares are set to resume trading on January 22 or when the capital raise announcement is made to the market.
NES has not indicated how much it is seeking through the raise or how it would utilise the funds.
The trading halt comes shortly after NES announced it would commence a 6000-metre reverse circulation drilling program at its Woodline Project in West Australia later this month.
The program aims to infill the current diamond drilling programs currently underway at the Grindall, Redmill and Socrates prospects.
This capital raise marks the first fundraise for Nelson Resources in 2021.
Prior to today’s announcement, NES shares were trading at 8.1 cents each.