- Prospect Resources (PSC) has entered a trading halt pending a capital raise just after releasing a recap of activities during the September quarter
- The company has been focused on progressing the Arcadia lithium project in Zimbabwe which it now owns an 87 per cent interest in
- At the end of the quarter, Prospect had $5.7 million in cash and an estimated 2.79 quarters left of available funding if spending levels remain the same
- Shares in Prospect Resources last traded at $0.44 on October 26
Prospect Resources (PSC) has entered a trading halt this morning pending a capital raise.
It comes after the company released its quarterly report on Tuesday for the September quarter.
During the period, Prospect was focused on progressing its 87 per cent-owned “world-class” Arcadia lithium project, which is considered one of the most advanced hard rock lithium development projects in the world.
This was further validated by a staged optimisation feasibility study (OFS) with the direct OFS — being the final phase of the study — scheduled to be completed before the end of the year.
Following a review of different funding options and in response to multiple enquiries from a range of international parties, Prospect commenced a process for competitive partnership proposals to fully fund the Zimbabwe-based project.
In terms of expenditure, Prospect burnt through $1.2 million in cash on operating activities and another $979,000 on investing activities.
At the end of September, the company had $5.7 million in cash and an estimated 2.79 quarters left of available funding if spending levels remain the same.
Prospect hasn’t disclosed how much it plans to raise nor how it will spend the funds but these details should be released by October 29.
Shares in Prospect Resources last traded at $0.44 on October 26.