- S2 Resources (S2R) has entered a trading halt ahead of announcing a capital raise
- This follows a positive June quarterly report which outlined over half a million in expenditure and saw the company end the quarter with roughly $6.4 million in cash
- S2 also released plans to spend around $1.6 million this quarter on drilling in Finland and on other exploration activities
- The minerals explorer recently kicked off its first-ever diamond drilling program at the Aarni’ East gold target in Finland
- Company shares last traded for 14.5 cents each on July 15
S2 Resources (S2R) has entered a trading halt ahead of announcing a capital raise.
The company will remain in a trading halt until the earlier commencement of trading on Monday, July 20, unless the announcement is released earlier.
This comes off the back of a June quarterly activities report released just yesterday.
The WA-based mineral explorer spent $550,000 during the quarter which comprised of $370,000 on exploration and evaluation costs and $160,000 on corporate and business development costs, as well as overheads and fixed asset payments. A further $20,000 was spent to cover staff costs.
S2 Resources ended the quarter in a positive financial position, with $6.4 million cash in the bank well as a 31 per cent stake in Todd River Resources (TRT).
It forecast planned expenditure would cost around $1.6 million for the current quarter. This sum particularly reflects the resumption of gold drilling in Finland.
Recently, S2 announced commencing a first-ever diamond drilling program at the new Aarni’ East gold target. This target is located on the Paana tenement, just 20 kilometres northwest of Agnico Eagle’s nine million ounce Kittila gold mine in northern Finland.
Drilling was supposed to start in March, but COVID-19 led the program to be pushed back.
The program will target a highly prospective, gold mineralised structural trend that was discovered back in February.
Company shares last traded for 14.5 cents each on July 15.