Battery Minerals (ASX:BAT) - Managing Director, Peter Duerden
Managing Director, Peter Duerden
Source: Magmatic Resources
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  • Battery Minerals (BAT) enters a mid-week trading halt while it plans the details of an upcoming capital raising
  • The company will remain in the halt until December 17 or when more details are released, whichever occurs first
  • On December 7, BAT announced it had completed drilling at the Nine Mile and Kent Road prospects in Victoria
  • Drilling at the Nine Mile Prospect confirmed a 1600-metre-long gold anomaly while drilling at Kent Road encountered dispersed sulphides
  • Shares in BAT last traded at 1.4 cents on December 14

Battery Minerals (BAT) has entered a mid-week trading halt while it plans the details of an upcoming capital raising.

The company will remain in the halt until December 17 or when more details are released, whichever occurs first.

BAT is yet to disclose how much it intends to raise or what it will use the funds for once received.

On December 7, BAT announced it had completed drilling at the Nine Mile and Kent Road prospects within its Stavely-Stawell Copper-Gold Project in Victoria.

A total of 5737 metres of aircore drilling was undertaken at the prospects with work continuously penetrating bedrock and testing prospective trends.

Drilling at the Nine Mile Prospect confirmed a 1600-metre-long gold anomaly while drilling at Kent Road encountered dispersed sulphides.

Aircore drilling is ongoing at the overall Stevely-Stawell Project and will continue until December 17 and resume in the new year.

BAT last tapped investors for cash in November 2020 when it undertook a $5.5 million placement.

The funds were raised through the issue of 250 million shares to professional, institutional and sophisticated investors at 2.2 cents.

Once received, BAT used the money to undertake exploration on its Victorian project.

Shares in BAT last traded at 1.4 cents on December 14. The company has a $29.44 million market cap.

BAT by the numbers
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