- Tao Commodities (TAO) has entered a trading halt pending an upcoming capital raising
- The company will remain in the halt until January 20 or when an announcement is made, whichever occurs first
- On January 7, Tao confirmed thick, high-grade mineralisation at its wholly-owned Titan Project in Tennessee
- All holes encountered elevated heavy mineral sands mineralisation with grades peaking at 8.16 per cent total heavy mineral
- Tao last entered a trading halt in mid-September in regards to the acquisition of Hyperion Metals and subsequently the Titan Project
- To fund the purchase, Tao undertook a $2 million placement where 25 million shares were issued to shareholders at eight cents
- Shares in Tao last traded at 40 cents on January 15
Tao Commodities (TAO) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until January 20 or when an announcement is made, whichever occurs first.
Tao is yet to disclose how much it intends to raise or what it will use the funds for, once received.
On January 7, Tao confirmed thick, high-grade mineralisation at its wholly-owned Titan Project in Tennessee.
All holes drilled encountered elevated heavy mineral sand (HMS) mineralisation with a best result of 35.1 metres at 3.04 per cent total heavy minerals (THM), including 10.7 metres at 8.16 per cent THM.
Tao last entered a trading halt in mid-September regarding the acquisition of Hyperion Metals and, subsequently, the Titan Project.
To fund the purchase, Tao undertook a $2 million placement where 25 million shares were issued to shareholders at 8 cents.
Additionally, five million unlisted broker options were issued, exercisable at 20 cents with expiry on December 31, 2023.
Shares in Tao last traded at 40 cents on January 15.