- Australian mineral explorer Red Metal (RDM) has entered a trading halt ahead of an upcoming capital raise
- The trading halt comes as the company finalises the details of the raise
- Red Metal expects to recommence trading by Friday, July 10
- Recently, the company reported on its quarterly cashflow, claiming it had burnt $219,000 on operating activities but held over $1.3 million in the bank
- Company shares last traded for 11.5 cents each on July 7
Australian mineral explorer Red Metal (RDM) has entered into a trading halt ahead of an upcoming capital raise.
The trading halt comes as the company finalises the details of the raise. However, Red Metal expects to recommence trading by Friday, July 10.
The company has projects all over Australia and is targeting base metal discoveries around the country.
In its latest half-year report, ending December 31, Red Metal reported a loss after tax of $265,556, which is down from 2018’s approximately $1.3 million loss.
Recently, the company reported on its quarterly cashflow, claiming it had burnt $219,000 on operating activities but held over $1.3 million in the bank.
At the moment, Red Metal is focused on making some of its projects drill-ready. Its Mount Skipper and Three Ways assets are forecast to be drill-ready in the third quarter of 2020, while Gulf expects to be drill-ready by the fourth quarter of 2020.
Company shares last traded for 11.5 cents each on July 7.