- Pursuit Minerals (PUR) has entered a trading halt while it inks out the details of an upcoming capital raising
- The company will remain in the halt until April 1 or when more information is released, whichever occurs first
- Yesterday, Pursuit revealed it had identified highly prospective electromagnetic (EM) conductors at the Phil’s Hill prospect in WA
- The EM conductors were identified on three lines over a 900-metre strike length
- As Pursuit considers Phil’s Hill a compelling target, it will undertake follow up drilling with a land access agreement already executed
- Share in Pursuit last traded at 8.8 cents on March 29
Pursuit Minerals (PUR) has entered a trading halt while it inks out the details of an upcoming capital raising.
The company will remain in the halt until April 1 or when more information is released, whichever occurs first.
Pursuit is yet to disclose how much it intends to raise or what it will use the money for once received.
Yesterday, Pursuit revealed it had identified highly prospective electromagnetic (EM) conductors at the Phil’s Hill prospect in Western Australia.
These conductors were identified via a moving-loop EM (MLEM) survey that followed up on a previous EM survey undertaken at the broader Warrior Project.
The EM conductors were identified on three lines of MLEM data over a 900-metre strike.
As Pursuit considers Phil’s Hill a compelling target, it will undertake follow up drilling with a land access agreement already executed.
Taking a look at its financials, Pursuit lost more than $3.2 million for the half-year ending December 31 2020, compared to $601,932 in the prior corresponding period.
The company credits this increase to escalated administrative, operating, exploration and evaluation expenses.
As of December, Pursuit had nearly $2.39 million in cash reserves, up from the $462,064 as at June 30, 2020.
Share in Pursuit last traded at 8.8 cents on March 29. The company has a $68.69 million market cap.