- Resource Base (RBX) has entered a trading halt in regard to a proposed acquisition and capital raise
- It isn’t clear what the minerals explorer is acquiring, how much it is raising or if the funds will be used to cover the acquisition costs or upcoming drilling plans
- After not trading for nearly three years, RBX re-listed on the ASX in July following a $5.5 million initial public offering
- The company expects to remain in the trading halt until Monday, September 27, by which time the capital raise and acquisition details will be released
- RBX shares last traded at 20.5 cents on Wednesday, September 22
Resource Base (RBX) has entered a trading halt in regard to a proposed acquisition and associated capital raise.
The minerals explorer is focused on acquiring and developing prospective exploration projects with potential for scalable discoveries.
However, there hasn’t been any indication as to whether the acquisition is of a project. Similarly, it isn’t yet know how much RBX plans to raise or whether the funds will cover the costs of the buy.
This upcoming capital raise marks the first for Resource Base since listing on the ASX in July this year. The materials stock was removed from the official list in November 2020 after having its shares suspended for just shy of two years.
The company successfully relisted after an oversubscribed initial public offering which raised $5.5 million through the issue of 27.5 million shares priced at 20 cents each.
At the time of listing, Executive Chairman, Shannon Green, summarised plans for the Black Range Project in Victoria.
“The company now intends to proceed to test the potential of a four-kilometre strike of the defined volcanic graben with an initial aircore drilling campaign planned for the second half of 2021 and reverse circulation and diamond drilling proposed for the first quarter of 2022.”
Resource Base is reportedly planning to complete a maiden inferred JORC 2012 resource for the Black Range project by the end of this year. It’s also aiming to begin drilling at the project in the upcoming December quarter.
The company expects to remain in the trading halt until Monday, September 27.
RBX shares last traded at 20.5 cents on Wednesday, September 22.