- Australian minerals explorer Rafaella Resources (RFR) has locked company shares in a trading halt while it gears up for a capital raise
- The halt is set to remain until Wednesday, April 14, when a formal announcement regarding the raise is made to market
- While there’s been no explicit indication of how much the explorer is looking to raise or for what purpose, the raise comes in the midst of an ongoing drill programme at its Santa Comba tungsten and tin project in Spain
- The company’s most recent half-yearly reports and accounts revealed it had approximately $1.6 million in cash and equivalents
- Prior to the trading halt, Rafaella Resources shares last changed hands at 11.15 cents
Australian minerals explorer Rafaella Resources (RFR) has locked company shares in a trading halt while it gears up for a capital raise.
The company is expected to remain in a trading halt until it makes a formal announcement regarding the raise, which is expected no later than commencement of trading on Wednesday, April 14.
There has been no explicit indication as to how much the explorer is looking to raise or how it plans to spend the funds, should fundraising go as planned.
That said, Rafaella is currently in the midst of an ongoing drill programme at its Santa Comba tungsten and tin project in Spain, where results have started to flow in.
So far 22 holes have been drilled at the project, where Rafaella is looking to expand the existing mineral resource estimate and convert the inferred resource to measured and indicated.
The company’s most recent half-yearly reports and accounts revealed it had approximately $1.6 million in cash and equivalents.
Prior to the trading halt, Rafaella Resources shares last changed hands at 11.15 cents.