- Zeus Resources (ZEU) shares are locked in a trading halt while the company rounds up investors for an upcoming capital raise
- Company shares are set to emerge from the halt until Wednesday June 9, when further details regarding the raise are made to market
- A recent quarterly cash flow report revealed the company had approximately $875,000 in cash and equivalents
- Exploration efforts were subdued in the half-year period ended December 31 2020 which Zeus attributed to COVID-19
- Prior to today’s trading halt, Zeus Resources last traded at 3.4 cents per share.
Zeus Resources (ZEU) shares are locked in a trading halt while the company rounds up investors for an upcoming capital raise.
The uranium and metals explorer advised its shares were likely to remain in a trading halt until it made a formal announcement regarding the raise or the commencement of trading on Wednesday June 9.
Zeus has not explicitly indicated how much it is looking to raise or how it plans to spend the proceeds from the raise.
The company’s most recent quarterly cash flow update reported a cash and equivalents balance of approximately $875,000, which was enough to see it through the next 12 quarters based on spending levels at the time.
According to a half-yearly report ended December 31 2020, Zeus had been unable to access its Western Australian or overseas tenements due to the COVID-19 pandemic and exploration “was not possible” over the period.
The same report revealed the company recorded a loss of $121,681 and a $64,816 total exploration spend.
Prior to today’s trading halt, Zeus Resources last traded at 3.4 cents per share.