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- Copper-gold explorer Raiden Resources (RDN) has entered back-to-back trading halts ahead of a capital raise announcement and drilling update
- According to its June quarter report, Raiden was focussed on unlocking the potential at its Kalabak Project in Bulgaria
- This followed a significant discovery of a large magnetic anomaly within the Sbor prospect
- Raiden spent the rest of the quarter advancing drill access and permitting approvals
- After ending the June quarter with just $304,000 in cash, perhaps Raiden requires further capital to support drilling at Kalabak and any other programs it has in the works
- Raiden’s shares last traded for nine cents on Friday, August 28
Raiden Resources (RDN) has entered back-to-back trading halts ahead of a capital raise announcement and drilling update.
The company will remain in a trading halt until the earlier commencement of trading on Friday, September 4, unless the announcements are made earlier.
Raiden Resources is a copper-gold exploration company focused on discovering large-scale mineral deposits in the world-class Tethyan region of Eastern Europe.
According to its June quarter report, Raiden was focussed on unlocking the potential at its Kalabak Project in Bulgaria. In particular, the miner has been working on the Sbor and Belopoltsi prospects since it discovered a large magnetic anomaly within the Sbor target area.
A ground magnetic survey conducted early in the June quarter provided further indication that Sbor contains a potentially large gold-copper system which hasn’t been drill tested.
Over the quarter, Raiden advanced the drill access permitting process to begin drilling at Kalabak as soon as possible.
The company also spent roughly $191,000 on operating and investing activities over the period, ending the quarter with just $304,000 in the bank. Perhaps the company requires further capital to support drilling at Kalabak and any other programs it has in the works.
Raiden’s shares last traded for nine cents on Friday, August 28.
