- Mineral exploration company Riedel Resources (RIE) has entered a trading halt ahead of an upcoming capital raise
- Currently, it is not known how much the company is aiming to raise or where the funds will be spent
- Riedel shares will be paused until Monday, June 7, or when more information on the raise is released to the market
- On the market, Riedel last traded at 1.7 cents per share on June 2
Riedel Resources (RIE) has entered a trading halt ahead of an upcoming capital raise.
So far, it is unknown how much the company is aiming to raise or where the funds will be spent.
Under the halt, Riedel shares will be paused until Monday, June 7, or when more information on the raise is released to the market, whichever one comes first.
Riedel is an Australian-based mineral exploration company that is focussed on advancing the historical high-grade Kingman Gold Project in northwest Arizona.
Earlier this week, the company found new geophysical anomalies at Kingman.
Following its maiden drilling program last month, Riedel undertook a ground magnetic survey which found two new anomalies in the underexplored southern section of the project.
These anomalies are coincident with high-grade gold, silver, zinc and lead mineralisation and are also similar to the Tintic and Jim’s mine areas.
On the market, Riedel last traded at 1.7 cents per share on June 2.