- Surefire Resources (SRN) has frozen its shares as it gets ready to undertake another capital raising venture
- The exact amount Surefire plans to raise is not yet clear, with details expected to be released in the next few days
- The company’s shares will remain locked up until September 18, unless an announcement is made sooner
- Surefire also undertook a placement and rights issue offer over the last few months
- It ended the June quarter with just under $200,000 in the bank, having spent $108,000 on operating activities
- Shares in SRN last traded for 1.5 cents each on September 16
Base metals explorer Surefire Resources (SRN) has frozen its shares as it gets ready to undertake another capital raising venture.
The exact amount Surefire plans to raise is now yet clear, with details expected to be released in the next few days.
The company’s shares will remain locked up until September 18, unless an announcement on the capital raise is made sooner.
Surefire has already undertaken other capital raises over the last few months, including a placement and rights issue in July which raised over $500,000.
It said the money would go towards progressing exploration and drilling work at its WA projects — including Kooline, Victory Bore and Unaly Hill.
At the end of the June quarter, Surefire had $194,000 worth of cash in the bank after burning through $108,000 on operating activities.
Before today’s trading halt was implemented, shares in Surefire were trading for 1.5 cents each on September 16.