- Xantippe Resources (XTC) places its shares in a trading halt in regards to “a material acquisition and capital raising”
- The company will remain in the halt until February 24 or when an announcement is made, whichever occurs first
- In its December quarterly, Xantippe revealed it had burnt through $516,000 with the majority going towards administration and corporate costs
- As of December 31, the company revealed it had $1.48 million in total available funding, representing 2.8 quarters of use if spending levels remain the same
- Shares in Xantippe last traded at one cent on February 21
Xantippe Resources (XTC) has placed its shares in a trading halt in regards to “a material acquisition and capital raising.”
The company will remain in the halt until February 24 or when an announcement is made, whichever occurs first.
Xantippe is yet to disclose how much it intends to raise or what it will be acquiring.
In its December quarterly, Xantippe revealed it had burnt through $516,000 with the majority going towards administration and corporate costs. The company also revealed it had invested $111,000 in its tenements.
As of December 31, Xantippe said it had $1.48 million in total available funding, representing 2.8 quarters of use if spending levels remain the same.
Xantippe last tapped investors for cash in June 2020 when it undertook a $1.25 million share placement.
A total of 694,444,440 fully-paid ordinary shares were issued to institutional and sophisticated investors at 0.18 cents.
Participants also received one attaching option for every two shares subscribed for, exercisable at 0.5 cents with expiry two years from issue.
Xantippe stated it would use the money to expand the drilling and exploration activities at the Southern Cross Gold Project and provide it with flexibility for acquisition and earn-in opportunities.
Shares in Xantippe last traded at one cent on February 21. The company has a $52.74 million market cap.