- Australian Mines (AUZ) lacks its shares in a trading halt as the company gears up to commence a capital raising
- The company anticipates releasing an announcement regarding the raise on or before Thursday, July 29, when shares are expected to recommence trading
- The ASX-lister is currently awaiting tenement grant for its Lennard Nickel Project in Western Australia
- In terms of next steps, AUZ had laid plans for an airborne electromagnetic survey alongside geological mapping and surface sampling programmes
- Prior to today's trading halt, Australian Mines shares last changed hands at 2.4 cents
Australian Mines' (AUZ) shares are locked in a trading halt as the company gears up to commence a capital raising.
Shares in the company are expected to remain in a trading halt until Thursday, July 29, when a formal announcement regarding the outcome of the raise is made to the market.
At this stage, Australian Mines has not explicitly indicated how much it is looking to raise or for what purpose.
The ASX-lister has recently lined up exploration targets within its Lennard Nickel Project in Western Australia and is awaiting tenement grant by the West Australian government.
In terms of next steps, Australian Mines previously flagged plans for an airborne electromagnetic survey alongside some geological mapping and surface geochemical sampling programmes.
The company's most recent quarterly cashflow report from the March quarter revealed it had approximately $5.3 million in cash and equivalents, equating to roughly six quarters' worth of funding based on spending levels at the time.
Prior to today's trading halt, Australian Mines shares last changed hands at 2.4 cents.