- Protean Energy (POW) has posted its quarterly report and given an update on the Gwesan Vanadium Project in South Korea
- During the September quarter, the company reported $168,000 on operating activities
- The business revealed it has almost $600,000 in cash, down $164,000 on the previous quarter of $764,000
- Protean Energy is also looking to raise nearly $2 million in a placement and entitlement offer for its Gwesan Project
- Additionally, the business appointed Joe Graziano and Timothy Slate as Non-Executive Directors
- Recently, POW gave GeoGeny Consultants the green light to commence a four-phase exploration program at its Gwesan Project
- At market close, Protean is down 8.33 per cent and is trading for 1.1 cents
Protean Energy (POW) has posted its quarterly report and given an update on its Gwesan Vanadium Project in South Korea.
During the September quarter, the company spent $168,000 on operating activities, with the majority of the money going towards research and development.
At the end of the quarter, Protean Energy had nearly $600,000 in cash, down $164,000 from the previous quarter of $764,000.
This week, the company revealed it will raise nearly $2 million in a placement and entitlement offer.
Under the placement, Protean is aiming to raise $385,000 at 0.6 cents per share. While the entitlement offer will be on a basis of 3 new fully paid shares for every four shares held, aiming to raise a $1.61 million.
Funds from the capital raise will be used on exploration at Gwesan Vanadium Project in South Korea.
Additionally, Protean has appointed Joe Graziano and Timothy Slate as Non-Executive Directors.
Joe is a chartered accountant with over 28 years of experience in a wide range of industries. He is currently a director of Pathways Corporate.
Tim provides accounting, secretarial and corporate advice to a number of companies and has over ten years of experience in chartered accounting. He has also been appointed as joint Company Secretary.
Matthew has resigned as Non-Executive Director and remains joint Company
Secretary.
Gwesan Vanadium Project
Recently, Protean gave GeoGeny Consultants the green light to commence a four-phase exploration program at Gwesan.
The aim of the initial phasis to identify vanadium prospectivity at Gwesan. The company plans to undertake a field reconnaissance program — which includes multi-commodity soil and trench sampling campaigns, approvals and permits — in the first quarter of 2021.
The second stage of the program is looking at defining anomalous zones of vanadium mineralisation to be followed up with auger drilling and aeromagnetic surveying.
Based on the first and second stage results, the company will then plan a diamond drilling program to test vanadium targets.
On market close, Protean Energy is down 8.33 per cent and is trading for 1.1 cents.