- Odin Metals (ODM) enters a trading halt as it prepares to undertake a capital raise
- At this stage, the trading of ODM shares will be paused until Wednesday morning at the latest, by which time the company plans to have released further details about the raise
- Odin flagged the possibility of a capital raise in its last quarterly report when it highlighted $1.13 million in available funding
- While it is not yet known where the company will direct the money, the copper explorer’s main focus is its Koonenberry project in NSW
- Shares in Odin Metals last traded at 1.6 cents each on August 5
Odin Metals (ODM) has entered a trading halt as it prepares to undertake a capital raise.
At this stage, the trading of ODM shares will be paused until Wednesday morning at the latest, by which time the company plans to have released further details about the raise.
Odin flagged the possibility of a capital raise in its last quarterly report when it highlighted $1.13 million in available funding, which was estimated to last for fewer than two quarters at current spending levels.
While it is not yet known where the money will be directed, the copper explorer’s main focus is its Koonenberry project in NSW.
Last week, the company mapped large-scale copper mineralisation at the Wertago copper field within the project
It has planned reverse circulation drilling to develop further copper resources at Wertago, which lies 40 kilometres north of the company’s existing mineral resource estimate at the Grasmere prospect in the project area.
Shares in Odin Metals last traded at 1.6 cents on August 5.