- Redbank Copper (RCP) places its shares in a trading halt pending a capital raising announcement
- The company will remain in the halt until April 11 or when the announcement is released, whichever occurs first
- In late March, Redbank revealed it had secured a reverse circulation drill rig to undertake the first phase of a drilling program at its namesake copper project in the NT
- Redbank will drill priority versatile time-domain electromagnetic targets as well as a 40-kilometre hydrothermal alteration anomaly at the Calvert South prospect
- Shares in Redbank last traded at 4.2 cents on April 5
Redbank Copper (RCP) has placed its shares in a trading halt pending a capital raising announcement.
The company will remain in the halt until April 11 or when the announcement is released, whichever occurs first.
Redbank is yet to disclose how much it intends to raise or what it will use the funds for once received.
In late March, Redbank revealed it had secured a reverse circulation (RC) drill rig to undertake the first phase of its drilling program at its namesake copper project in the Northern Territory.
Redbank will drill priority versatile time-domain electromagnetic (VTEM) targets as well as a 40-kilometre hydrothermal alteration anomaly at the Calvert South prospect.
Drilling is expected to begin in June and updates will be provided as work progresses.
Redbank last tapped investors for cash in March 2021 when it raised $7.43 million for exploration at its Redbank Project.
A total of 102,530,138 shares were issued to new and existing sophisticated investors at 7.25 cents.
Additionally, one million shares were issued to Executive Chairman Michael Hannington and Non-Executive Directors Daryl Henthorn and Keith Middleton.
Shares in Redbank last traded at 4.2 cents on April 5.