- Strike Resources (SRK) has entered back-to-back trading halts pending a capital raise
- The company is focused on producing 1.5 million tonnes of direct shipping iron ore (DSO) every year from its WA-based Paulsens East Iron Ore Project from mid-2021
- Strike is advancing discussions with potential customers and offtake partners for the iron ore project as well as to secure project funding
- Strike hopes to accelerate these discussions and have one or more binding contracts secured in the very near term
- It remains unclear how much Strike intends to raise or what the money will be used for however the market will only need to wait until the end of this week
- Strike last traded for 12 cents on Friday, November 20
Strike Resources (SRK) has entered back-to-back trading halts pending an announcement regarding a capital raise.
Strike will remain in the halts until the earlier commencement of trading on Friday, November 27, unless details of the capital raise are released earlier.
The company is developing its Paulsens East Iron Ore Project in Western Australia. It also owns the high-grade Apurimac Magnetite Iron Ore Project in Peru while also developing multiple battery minerals projects, including the Solaroz Lithium Brine Project in Argentina and the Burke Graphite Project in Queensland.
Strike is targeting a 1.5 million tonnes per annum of direct shipping iron ore (DSO) production from Paulsens East starting mid-2021.
Over the past year, the iron ore developer has been engaging with potential customers and offtake partners to sell products from Paulsens East as well as provide project funding. These parties include Chinese steel mills, global iron ore traders and a number of other marketing groups.
Strike hopes to accelerate these discussions and have one or more binding contracts secured in the very near term.
It is still not clear what the upcoming capital raise will fund or how much Strike intends to raise, but the market will only have to wait until the end of the week.
Strike last traded for 12 cents on Friday, November 20.