Raiden Resources (ASX:RDN) digs for extra cash

• Raiden Resources (RDN) has released its latest quarterly update, while also placing its shares in a trading halt ahead of a cash raise
• The exploration business ended September with $1.67 million in the bank, having spent $766,000 on exploration and corporate costs
• RDN will remain halted from trade until Tuesday, when full details of the joint cash raise with CPS Capital and Morpheus Corporate should be released
• Company shares last traded at 2.3 cents each on October 28

Raiden Resources (RDN) has released its latest quarterly update, while also placing its shares in a trading halt ahead of a cash raise.

The flurry of activity on Friday morning means RDN securities will be suspended from trading until Tuesday, November 2.

The exploration business should announce full details of the joint cash raise with CPS Capital and Morpheus Corporate before that date.

Meanwhile, RDN ended September with $1.67 million in the bank, enough cash to keep running for 2.2 quarters.

The company burnt through $766,000 during the period, with most of that money going towards exploration and corporate costs.

Raiden spent the last three months exploring its assets in Western Australia, including completing a magnetic survey that defined 40 targets at the Arrow Project.

The company also carried out work at the Boodalyerrie Project and signed a deal to buy an 80 per cent interest in tenements adjoining its Mt Sholl project in WA.

Before today’s trading halt came into place, RDN shares were trading at 2.3 cents each.