- Pacific Nickel Mines (PNM) is getting ready to raise more capital after placing its shares in a two-day trading halt on the ASX
- The materials stock hasn’t released full details of the fundraise, but more information should come to light before Friday
- The business first flagged raising capital after ending the September quarter with just $505,000 in the bank
- That cash balance isn’t enough for PNM to continue operations for another quarter, given its quarterly spend rate of $1.12 million
- PNM shares last traded at 12.5 cents each on Tuesday
Pacific Nickel Mines (PNM) is getting ready to raise more capital after placing its shares in a two-day trading halt on the ASX.
The materials stock hasn’t released full details of the fundraise, but more information should come to light before Friday, October 29.
That date is the last day the company’s trading halt will remain in effect.
The resources business had previously flagged raising capital in its September quarterly report, after it ended the period with just $504,000 in the bank.
That cash balance isn’t enough for PNM to continue operations for another quarter, given its current quarterly spend rate of $1.12 million.
When questioned about its cashflow, PNM said in the quarterly it was “reviewing capital raising options” and it expected the raise would be successful.
The business has spent the last several months focused on advancing its Kolosori and Jejevo nickel projects in the Solomon Islands.
Before today’s trading halt, Pacific Nickel Mines shares last traded at 12.5 cents each on Tuesday, October 26.