- Redbank Copper (RCP) has entered the week in a trading halt ahead of an upcoming capital raise
- Currently, there are no details about how much the company is aiming to raise or where the money will be spent
- Company shares will be halted until Wednesday, February 24, or when more information is released to the market
- On the market, Redbank last traded for 8.7 cents per share on February 20
Redbank Copper (RCP) has entered the week in a trading halt ahead of an upcoming capital raise.
So far, there are no details about how much the company is raising or where the funds will be spent.
Under the halt, Redbank shares will be paused until Wednesday, February 24, or when more information about the raise is released to the market.
Redbank is a resource company focused on discovering and developing world-class mineral projects. Currently, the company is concentrating on its Redbank Project in the Northern Territory and Millers Creek Project in South Australia.
For the December quarter, Redbank had a productive quarter with several important work programs completed.
During the quarter, field crews continued geological field mapping and re-sampling of historic drill core at the Redbank Project.
The company’s aim in the current quarter is to report an updated JORC 2012 resource for the Redbank Project.
Over the quarter, Redbank spent $431,000 on operating activities and finished the period with $2.2 million in the bank.
On the market, Redbank last traded for 8.7 cents per share on February 20.