- Australian gold explorer Riversgold (RGL) has entered a trading halt regarding an acquisition and a capital raise
- It isn’t yet clear what is being acquired, nor any details on the capital raise and whether these funds will be used for the purchase
- Riversgold plans to come out of the trading halt by March 10, by which time details on the acquisition and capital raise will be released
- Company shares last traded at 2.7 cents on March 7
Australian gold explorer Riversgold (RGL) has entered a trading halt regarding an acquisition and a capital raise.
The company hasn’t yet announced what it plans to acquire, nor how much it intends to raise.
While the capital raise could potentially fund the acquisition or exploration work should the acquisition be an asset, these details haven’t been disclosed or confirmed.
The acquisition potentially aligns with the gold explorer’s strategy of regularly refreshing its project portfolio by finding new and complementary opportunities to expand its current asset portfolio.
Recently, newsflow has been fairly light for the materials stock with its most recent update, aside from the December quarterly report, being at the start of the year.
On January 11, Riversgold announced it was granted a 109-square kilometre tenement at its Kurnalpi project in WA.
Based on a review of historical data, the tenement is prospective for gold and nickel and Riversgold said it planned to carry out geophysical targeting to assess the tenement’s potential.
In addition to that tenement, the company had previously submitted applications for two more tenements but these are yet to be formally approved.
Riversgold plans to come out of the trading halt by March 10, by which time details on the acquisition and capital raise will be released.
Company shares last traded at 2.7 cents on March 7.