- Zenith Minerals (ZNC) has entered a trading halt ahead of an upcoming capital raise
- The trading halt will be in place until Tuesday, July 7
- During this time, Zenith will consider, plan and execute a capital raise
- Last month, the company intersected high-grade gold mineralisation at Red Mountain
- And earlier this week, Zenith sold its Fraser Range tenement to the soon-to-be-listed New Energy Metals
- Company shares last traded on July 2 for 11.8 cents per share
Zenith Minerals (ZNC) has entered into a trading halt for an upcoming capital raise.
The trading halt will be in place until Tuesday, July 7, or when an announcement is released.
During this time, Zenith will consider, plan and execute a capital raise.
Last month, the company went into a trading halt ahead of exploration drilling results from its Red Mountain Gold Project. During the program, the company intersected high-grade gold mineralisation.
Now, Zenith is planning a follow-up drilling program for Red Mountain.
On Tuesday, the company sold its Fraser Range tenement for $100,000 to the soon-to-be-listed New Energy Metals (NRG). NRG expects to float on the ASX within the next six months.
The divestment allows Zenith to focus on its gold and copper projects in Queensland and Western Australia. The company’s current project portfolio includes the Red Mountain, Flanagans, Develin Creek and Split Rocks tenements.
Zenith shares last traded on July 2 for 11.8 cents per share.