- Black Dragon Gold (BDG) has entered a two day trading halt as it gears up to raise some much-needed extra capital
- The European gold miner ended September with $853,000 in the bank, enough funds to keep running for an additional 1.5 quarters
- BDG spent $577,000 on operating expenses during the three month period, as it continues to advance its Salave project in Northern Spain
- The company has submitted an Environmental Impact Assessment for the gold asset and is also advancing a Preliminary Economic Assessment
- Black Dragon Gold shares last traded at 7.3 cents each on November 15
Black Dragon Gold (BDG) has entered a two-day trading halt as it gears up to raise some much-needed extra capital.
The European gold miner has halted its securities from trading on the ASX until November 18 so it can finalise a capital raising effort.
The company ended September with just $853,000 in the bank, having spent $577,000 on operating expenses during the same three month period.
At that rate of spend BDG only has enough funds to keep it running for an additional 1.5 quarters of growth.
Black Dragon Gold is currently focused on advancing its Salave gold project in Northern Spain, which has a Measured Mineral Resource of 1.03 million tonnes at 5.59 grams per tonne gold for 190,000 ounces.
The company recently submitted an Environmental Impact Assessment for the gold asset and is also advancing a Preliminary Economic Assessment (PEA).
The PEA includes some of the modifications necessary for the environmental approval and is the final step before BDG begins a Definitive Feasibility Study for Salave.
Before today’s trading halt, Black Dragon Gold had been trading at 7.3 cents per share on Monday, November 15.