- Orminex (ONX) enters a trading halt as it plans an upcoming capital raise
- It is unknown how much the materials stock is aiming to raise or what the funding will be used for
- The halt means company shares will be paused until Wednesday, September 1, or when information on the capital raise is released to the market
- Orminex last traded at 4.2 cents per share on August 27
Orminex (ONX) has entered into a trading halt this morning as it plans an upcoming capital raise.
It isn’t currently known how much the company is aiming to raise or where the funds will be spent, however the market will likely find out by Wednesday, September 1 at the latest, which is when ONX expects to come out of the halt.
Orminex is involved with the processing and recovering of gold from both tailings and surface resources.
In its annual report for the FY21 financial year, revenue totalled just over $511,000, down from FY20’s revenue of around $866,000.
Loss for the group after providing income tax totalled over $4 million, which marks a significant increase from FY20’s $617,418 loss.
Over the year, the company has experienced some board changes with three non-executive directors resigning from their positions.
Matthew Nixon was appointed as Chief Operating Officer of the company and Mel Ashton was appointed Non-Executive Director.
Mr Dean Hely transitioned to Non-Executive Chairman.
On the market, Orminex last traded at 4.2 cents per share on August 27.