- Sihayo Gold (SIH) has entered a trading halt ahead of an upcoming capital raise
- So far, the company has not revealed any details about the raise and what the funds will be used for
- However, Sihayo has appointed Rod Crowther as its new Chief Financial Officer
- Additionally, the company’s CEO, George Lloyd has resigned
- In the June 2020 quarter, Sihayo burnt $458,000 on operating activities and had $174,000 in cash on hand
- Company shares will be paused until Thursday, August 20, or when Sihayo released more information about the raise to the market
- Sihayo last traded for 3.2 cents per share on August 17
Sihayo Gold (SIH) has entered a trading halt ahead of an upcoming capital raise.
So far, the company has not revealed any details about the raise and what the funds will be used for. Company shares will be paused until Thursday, August 20, or when Sihayo released more information about the raise to the market.
Yesterday, the company announced its CEO George Lloyd resigned, effective from October 16. Executive Chairman, Colin Moorhead, will assume the role as CEO.
“The company wishes to thank and acknowledge the achievements of George Lloyd in successfully managing the completion of the recently released Feasibility Study of the Sihayo Pungkut Gold Project,” Sihayo told the market yesterday.
Sihayo has also appointed Rod Crowther as the new Chief Financial Officer (CFO). Rod comes with significant finance experience and recently worked for Newcrest Mining in the business development team.
“Rod’s experience will strengthen the management team as it seeks further debt and equity funding to finance the construction of the Sihayo Pungkut Gold Project,” the company added.
In the recent definitive feasibility study at Sihayo Gold, it showed the project has an eight-year mine life, producing approximately 635,000 ounces of recovered gold.
Over the June 2020 quarter, Sihayo burnt $458,000 on operating activities, with over half of that going towards staff costs. At the end of the quarter, the company had $174,000 in cash on hand.
Sihayo last traded for 3.2 cents per share on August 17.