- Sovereign Metals (SVM) has ended the week in a trading halt regarding a capital raising and the release of results
- The company will remain in the halt until March 30 or when more details regarding the raise or results are released, whichever occurs first
- In early February, Sovereign received drill results from the Kasiya prospect in Malawi which further extended and defined high-grade zones of rutile
- Up to 1.72 per cent rutile was intersected results have shown very high-grade zones which will be further examined for an upcoming scoping study
- Shares in Sovereign last traded at 45 cents on March 24
Sovereign Metals (SVM) has ended the week in a trading halt regarding a capital raising and the release of results.
The company will remain in the halt until March 30 or when more details regarding the raise or results are released, whichever occurs first.
Sovereign is yet to disclose how much it intends to raise or what it will use the funds for once receive.
In early February, Sovereign received drill results from the Kasiya prospect in Malawi which further extended and defined high-grade zones of rutile.
All up, 303 hand auger holes were drilled at Kasiya as part of the recently completed phase eight drilling program.
Best new results peaked at 1.72 per cent rutile and they have shown very high-grade rutile zones with good continuity.
These high-grade zones will be examined for additional infill drilling and metallurgical testwork for a scoping study planned later in the year.
Looking at its financials, Sovereign recorded a net operating loss after tax of $1,975,621 for the half-year ending December 31 2020. This represents a $300,000 increase from the prior corresponding period (pcp).
Additionally, the company recorded $154,305 in total income, up from the $20,808 in the pcp.
Shares in Sovereign last traded at 45 cents on March 24. The company has a $177.4 million market cap.