Boadicea Resources (ASX:BOA) looks to raise fresh capital

• Boadicea Resources (BOA) has entered a trading halt ahead of an approaching capital raise
• The trading halt is set to be lifted on or before Wednesday May 19, when a formal announcement regarding the raise is set to be made to market
• While there’s been no explicit indication as to how BOA plans to spend proceeds from the raise, it spent the recent quarter focusing predominantly on activities within the Fraser Range and Paterson Province of Western Australia
• Boadicea has reported a cash and equivalents balance of around $1.9 million, enough to see it through the next seven quarters based on spending levels at the end of the March quarter
• Prior to the trading halt, Boadicea Resources shares last traded at 36.5 cents

Boadicea Resources (BOA) has entered a trading halt ahead of an approaching capital raise.

The base and precious metals explorer said its shares were likely to remain in the halt until the earlier of commencement of trading on Wednesday May 19, or when a formal announcement regarding the raise is made to market.

At this stage, the ASX-lister has offered no explicit indication as to how much it is looking to raise or how it plans to spend the funds.

Over the March quarter, Boadicea said it continued to focus on its activities within the Fraser Range and Paterson Province regions of Western Australia and added a new project within its application for the Clarke Reward project in the Drummond Basin.

In other news, the explorer also recently identified an interpreted dome structure at the Koongulla Project in Western Australia, where it plans to advance exploration and potentially a diamond drilling program pending heritage and land access permission.

Boadicea reported a cash and equivalents balance of around $1.9 million in its most recent quarterly update, enough to see it through the next seven quarters based on spending levels at the time.

Prior to the trading halt, Boadicea Resources shares last traded at 36.5 cents.