- Petratherm (PTR) places its shares in a trading halt regarding upcoming capital raising initiatives
- The company’s shares will remain in the halt until April 28 or when an announcement with more details is released, whichever occurs first
- On April 20, Petratherm saw its share price jump 138 per cent after announcing it had uncovered “significant” rare earth occurrences at its Comet project in South Australia
- Of the 44 holes assayed, all returned significant total rare earth oxide (TREO) values with 23 returning more than 1000 parts per million TREO
- Shares in Petratherm last traded at 14 cents on April 22
Petratherm (PTR) has placed its shares in a trading halt regarding upcoming capital raising initiatives.
The company’s shares will remain in the halt until April 28 or when an announcement with more details is released, whichever occurs first.
Petratherm is yet to disclose how much it intends to raise or what it will use the funds for once received.
On April 20, Petratherm saw its share price jump 138 per cent after announcing it had uncovered “significant” rare earth occurrences at its Comet project in South Australia.
The occurrences came from a recent regional rotary airblast (RAB) drilling program that tested the top three metres of the prospective clay horizon.
A full suite of rare earth element (REE) analysis was completed across 44 RAB holes with all 44 returning significant total rare earth oxide (TREO) values and 23 returning more than 1000 parts per million (ppm) TREO.
Petratherm is now preparing to begin a 10,000-metre RAB drilling program to infill anomalous REE areas as well as test deeper extensions of the current intercepts and expand the program.
Further, the company said this work could potentially lead to an initial JORC mineral resource estimate within six months.
Shares in Petratherm last traded at 14 cents on April 22.