- Woomera Mining (WML) has requested a trading halt before announcing a capital raise
- Recently, the Adelaide-based miner was told its application for up to $250,000 in funding from the SA Government was unsuccessful
- Woomera is focused on drilling the Cavanagh and O’Mahony nickel-copper-cobalt targets within the Musgrave Project
- Perhaps this raise is just what the miner needs to proceed with its drilling plans
- Company shares last traded for 1.6 cents each on July 3
Woomera Mining (WML) has requested a trading halt before announcing a capital raise.
Woomera will remain in a trading halt until the commencement of trading on Wednesday, July 8, unless the announcement is released earlier.
The Adelaide-based explorer seems to be sourcing funds from different avenues.
On December 12 2019, the company submitted an application to the South Australian Government to apply for funding of up to $250,000 per project under the Government’s Accelerated Discovery Initiative.
Woomera hoped to use the funds to cover future drilling of the Cavanagh and O’Mahony nickel-copper-cobalt drill targets which lies within the Musgrave Project.
While its application proceeded to the second stage, Woomera was recently notified that its application was unsuccessful and the company has been encouraged to reapply for round two funding later this year.
Woomera believes Cavanagh and O’Mahony are compelling targets and is dedicated to drilling both during this year.
Perhaps this raise is just what the miner needs to proceed with its drilling plans.
Company shares last traded for 1.6 cents each on July 3.