- Minerals exploration company Redstone Resources (RDS) has placed its shares in a trading halt in preparation for an upcoming capital raise
- A formal announcement regarding the raise is expected on or before Monday, March 1, at which time the trading halt will be lifted
- While the explorer has not made a clear indication of how it plans to spend the funds, it recently flagged the prospect of an upcoming exploration programme at its wholly owned West Musgrave Copper Project
- RDS’s most recent quarterly update disclosed a cash and equivalents position of $794,000, equating to roughly six quarters worth of funding
- Prior to the trading halt, Redstone shares last changed hands at 1.5 cents
Minerals exploration company Redstone Resources (RDS) has placed its shares in a trading halt in preparation for an upcoming capital raise.
In its announcement to the market, the company advised the trading halt would remain in place until a formal disclosure is released regarding the raise, which is expected on or before Monday, March 1.
It’s not explicitly clear how much RDS plans to tap investors for or what its got lined up for the proceeds.
However, the company has recently revealed plans to start an exploration programme at its wholly owned West Musgrave Copper Project on the back of reverse circulation drilling at the Tollu Copper Vein deposit.
Redstone indicated applications for programmes of works and clearing permits are in progress and required heritage clearances with the traditional owners planned for site in February 2021.
The explorer has not flagged any clear dates but has tipped commencement will be subject to availability of drilling resources and additional required funding.
RDS’s most recent quarterly update disclosed a cash and equivalents position of $794,000, which based on spending levels at the time was enough to see it through just over six quarters.
Prior to the trading halt, Redstone shares last changed hands at 1.5 cents.