- Pursuit Minerals (PUR) has entered a trading halt to finalise details of an upcoming capital raise ahead of an unknown acquisition
- So far, it is not clear how much the company is aiming to raise
- Company shares will be paused until Wednesday, December 2, or when more details on the raise and buyout are released to the market
- This isn’t Pursuit’s first capital raise this year: just last month, the company completed a $2 million placement and entitlement issue for its Australian and Scandinavian projects
- Pursuit last traded for 1.5 cents per share on November 27
Pursuit Minerals (PUR) has entered a trading halt as it prepares for an upcoming capital raise ahead of an unknown acquisition.
Currently, it is unknown how much the company is aiming to raise. Company shares will be paused until Wednesday, December 2, or when more details on the raise are released to the market.
Pursuit is an Australian-based mineral exploration and project development company and is focused on developing its high-grade vanadium and nickel projects in Finland, Sweden and Norway.
This isn’t Pursuit’s first raise this year: just last month, the company raised $2 million through a placement and entitlement issue for its projects in Australia and Scandinavia.
During the September quarter, the company burnt through $147,000, with the majority of capital spent covering staff costs. Under the current economic conditions, Pursuit said it will continue to maintain strict cost constraints.
At the end of the quarter, the company had $710,000 in the bank.
On the market, Pursuit last traded for 1.5 cents per share on November 27.