- Australasian Gold (A8G) enters a trading halt while it plans a capital raise
- It isn’t clear how much is being raised or how the company plans to spend the money
- Last week Australasian Gold was awarded co-funding through the CSIRO’s Kick-Start Program which will enable it to conduct research-focused lithium exploration at the Mt Peake pegmatite field in the Northern Territory
- Whether or not the upcoming raise will provide further support isn’t known but the company expects to come out of the trading halt by October 13
- A8G’s shares last traded at 45.5 cents on October 8
Australasian Gold (A8G) has entered a trading halt while it plans a capital raise.
The company hasn’t revealed how much it plans to raise or how it will spend the money. But all details are expected to be released once A8G comes out of the trading halt on October 13.
Last week, A8G announced it had been awarded co-funding from the CSIRO Kick-Start
Program. This program helps Australian companies undertake research and development activities with CSIRO, with a focus on areas of national growth priorities.
The initial Mt Peake program budget is $100,000 and the co-fundings will help A8G carry out lithium exploration at the Mt Peake pegmatite field in the Northern Territory.
Whether or not the upcoming capital raise will also support exploration or other activities within the prospective pegmatite field isn’t yet clear.
Managing Director Qingtao Zeng said he was pleased to have received the funding support.
“We are delighted to be able to team up with CSIRO to accelerate our lithium exploration program. CSIRO will be empowering us with the latest equipment capable of identifying most lithium bearing minerals in the field, and enables us to rapidly home in to the right area to explore,” Dr Zeng said.
A8G last traded at 45.5 cents on October 8.