- Shree Minerals (SHH) has entered a trading halt as it gets ready to announce a new capital raise
- The company’s shares will remain locked up until August 6, or until the announcement about the raise is released
- The capital raise comes after the company applied for an exploration licence within the Lachlan Fold Belt in NSW
- The project contains nine gold occurrences and the company plans to start taking samples from the site as soon as the tenement is acquired
- Before today’s trading halt, shares in Shree were trading for 0.6 cents each
Shree Minerals (SHH) has placed its securities in a trading halt as it gets ready to announce a capital raise.
The company wrote to the ASX asking it to place its securities in a halt until August 6. So far, no details have been released about what form the capital raise will take or what it will go towards.
However, the company did recently announce it was looking to acquire a gold project in the prospective Lachlan Fold Belt in NSW.
Shree revealed late last month that it had applied for an exploration licence within the eastern part of the belt, near Bathurst.
There are nine gold occurrences within its tenement application area. Once the licence is approved, Shree plans to start geochemical sampling straight away.
It’ll also compile all historical data for the site and organise to visit the area to inspect any workings present.
Before today’s trading halt was implemented, shares in SHH were trading for 0.6 cents per share on August 3.