- Queensland explorer Sunshine Gold (SHN) enters a trading halt ahead of an upcoming capital raise
- It has not been confirmed to the market how much the company is planning to raise or where the funds will be spent
- SHN shares will be paused until Monday August 15, or upon release of a further announcement about the raise
- It follows yesterday’s news of increased copper grades at the company’s Ravenswood West project
- SHN shares last traded at 3.4 cents per share on August 10
Sunshine Gold (SHN) has entered a trading halt ahead of an upcoming capital raise.
It has not been confirmed to the market how much the company is planning to raise or where the funds will be spent.
Under the halt, SHN shares will be paused until Monday August 15, or when a further announcement about the raise is released.
In its latest quarterly cash flow report, the company revealed it had $1.8 million in total available funding, estimated to fund 1.6 quarters.
Responding to not being able to fund two quarters, the company explained it was considering “a number of options” to be able to continue funding operations, and said the board was “comfortable” that the initiatives would be successful.
Sunshine is focused on the discovery and development of its gold and copper projects in Queensland.
Yesterday, the company increased copper grades at its Ravenswood West project.
Assays from a five-hole reconnaissance drilling program at the Bank prospect contained increased copper grades towards the end of hole, with results including 70 metres at 0.22 per cent recoverable copper equivalent.
Meanwhile, assay results from broad step-off drilling at Titov Main extended the length of the mineralised zone to over 500 metres.
On the market, SHN shares last traded at 3.4 cents per share on August 10.