- Scorpion Minerals (SCN) ends week in a trading halt as it plans for an upcoming capital raise
- It is unknown how much the company is planning to raise or where the funds will be spent
- Company shares will be paused until Tuesday, July 27, or when more details about the raise are released to the market
- On the market, Scorpion last traded at 7.6 cents per share
Scorpion Minerals (SCN) has ended the week in a trading halt as it plans for an upcoming capital raise.
Currently, there is no information on how much the company is planning to raise or where the funds will be spent.
Under the halt, Scorpion Minerals shares will be paused until Tuesday, July 27, or when more details about the raise are released to the market.
Scorpion is an Australian mineral exploration and resource development company with projects in Western Australia.
Earlier this week, the company and Fenix Resources (FEX) found new drilling targets at its Pharos iron ore joint venture project.
The drill targets were discovered by a review of historic data and are warranting an “immediate” follow up.
The companies are currently planning a drilling program for the targets.
Scorpion Minerals Non-Executive Director Bronwyn Barnes commented on the update.
“Our detailed technical review of the available historical data from Pharos has
identified several compelling iron ore drill targets within our JV tenements that warrant immediate follow-up drill testing,” she said
On the market, Scorpion last traded at 7.6 cents per share.