- Pursuit Minerals (PUR) has entered a trading halt ahead of a capital raise announcement
- Earlier this month, Pursuit announced it isn’t going ahead with the Buck Mountain Project acquisition
- It’s because the company wasn’t able to negotiate an extension with Golden Buck Ventures and Moreton Gold for the due diligence period
- Positively, however, the company has recently acquired the Gladiator Project in WA for $100,000 in shares
- Pursuit is planning to conduct exploration activities this quarter ahead of a drilling program
- Still, it is unclear how much the company will raise and what it will use the money for
- Pursuit’s shares last traded for 1.1 cents on Monday, October 12
Pursuit Minerals (PUR) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Thursday, October 15, unless the capital raise is announced earlier.
At this stage, details of the capital raise or what the funding will be used for is not yet known.
At the start of this month, Pursuit’s shares slumped as it announced the termination of the Buck Mountain Gold Project acquisition.
The company was meant to acquire the project for US$95,000 (roughly A$131,798) after entering a binding option agreement with Golden Buck Ventures and Moreton Gold in July.
According to Pursuit, its decision to terminate the acquisition stemmed from not being able to negotiate an extension to the due diligence period.
Late last month, the minerals explorer agreed to acquire the Gladiator Gold Project in Western Australia.
The company entered a binding agreement with Mining Equities and Peter Gianni to acquire the four-tenement project for $100,000 in shares.
Pursuit is planning to undertake exploration activities, including geological mapping, rock chip sampling and soil geochemistry, over the project. This work is being conducted ahead of an initial drilling program.
Company shares last traded for 1.1 cents on Monday, October 12.