- Norwest Minerals (NWM) enters a mid-week trading halt regarding a capital raise
- The company hasn’t released any details about how much it expects to raise nor how it will spend the funds
- Norwest is currently undertaking a 4000-metre drilling program at its Bali project in WA to follow up on high grade historical intercepts and rock chips
- The company expects to come out of the halt on September 9, by which time the capital raise details will likely be released
- Norwest Minerals last traded at six cents per share on September 6
Norwest Minerals (NWM) has entered a mid-week trading halt regarding a capital raise.
The materials stock hasn’t disclosed any information about the upcoming raise but expects the details will be announced by Friday, September 9.
At the end of the June quarter, Norwest had about $1.6 million in cash and an estimated 2.5 quarters left of funding.
Last month, the company began a maiden reverse circulation (RC) drilling program at its wholly-owned Bali copper project in Western Australia.
The 4000-metre drilling effort marks the first drilling program that has taken place at the project since 1989.
The RC program is testing targets from historical drill results of up to six metres at 7.1 per cent copper and 87 rock chips the company sampled with grades averaging 6.3 per cent copper.
Drilling began in late August and is expected to take around three weeks to complete.
Norwest Minerals last traded at six cents per share on September 6.