- Junior gold producer, Troy Resources (TRY) has entered into a double trading halt ahead of an upcoming capital raise
- While it’s still uncertain how much the company aims to raise and what the funds will be used for, company shares will remain in a trading halt until Wednesday (October 28) or when more information about the raise is released
- Earlier this month, Troy Resources discovered bonanza-grade gold at its Smarts Underground prospect in Guyana after completing a three-hole diamond drill program
- Shares in Troy Resources last traded for 15 cents on October 21
Troy Resources (TRY) has entered into back-to-back trading halts ahead of an upcoming capital raise.
While its still uncertain how much the company aims to raise and what the funds will be used for, company shares will remain in a trading halt until Wednesday (October 28) or when more information about the raise is released.
During this time Troy will be planning the final details on the capital raise.
The company is a small to midsize gold producer with a history of developing and operating mines in Australia and South America. In 2013, the company purchased Azimuth Resources – which included the Karouni Project in Guyana, South America.
On Monday, Troy Resources posted an update on the gold loan of 5,200 ounces with Asian Investment Management Services (AIMS). This loan will now be extended for a further 12 months and is now expected to expire on January 16, 2022.
Troy Resources will give AIMS 6 million unlisted options for the extension.
Earlier this month, Troy found bonanza-grade gold at its Smarts Underground prospect in Guyana, within Karouni, after completing a three-hole diamond drill program.
Results included an intersection of 11 metres grading 131.93 grams per tonne of gold.
Based on these results, Troy is planning a step-out drilling program along the strike and the north-west of the Smarts prospect.
On the market, Troy last traded for 15 cents on October 21.