Canterbury Resources (ASX:CBY) - Managing Director, Grant Craighead - The Market Herald
Managing Director, Grant Craighead
Source: Stockhead
  • Copper-gold explorer Canterbury Resources (CBY) has gone into a trading halt until next week as prepares to take on a new capital raising plan
  • The details of the plan and where the new funds will go are slated to be revealed next Tuesday
  • Canterbury recently highlighted drilling plans and potential joint ventures over its Queensland and Papua New Guinea copper-gold projects
  • However, with just $100,000 in the bank in late-June, the upcoming bolstering of Canterbury's balance sheet likely comes as no surprise to shareholders
  • Shares in Canterbury last closed worth 14 cents each

Copper-gold explorer Canterbury Resources (CBY) has gone into a trading halt until next week as prepares to take on a new capital raising plan.

The details of the capital raise have not yet been announced, but the company is taking advance of new COVID-19-induced listing rules and freezing its shares for four business days, meaning shareholders have until next Tuesday to speculate.

Canterbury's current focus is on its copper-gold projects in the southwest pacific, including the Briggs and Mannersley projects in Queensland and the Manus Island, Ekuti Range, and Ipi River projects in Papua New Guinea. The company also has an interest in two gold-silver projects in Vanuatu.

In a recent investor presentation from June, Canterbury highlighted its upcoming operational plans for the near future. These include a high-impact infill and extension drilling program in Queensland, following up drill results in Papua New Guinea with potential scout drilling to follow, and discussions with more potential joint venture partners.

Of course, given Canterbury has just $100,000 cash in the bank to play with towards the end of June, today's announcement about a capital raise may come as no surprise to investors.

According to the company's most recent cash flow report, Canterbury burned roughly $219,000 over the March 2020 quarter. At this level of spending, the company's balance sheet will need a bit of a boost before the upcoming drilling plans can be carried out.

Shareholders will find out exactly where Canterbury plans to spend the new funds once the details of the raise are released.

Shares in Canterbury last closed worth 14 cents each. The company has an $8.57 million market cap.

Find out more about this capital raise

CBY by the numbers
More From The Market Herald
Orion Minerals (ASX:ORN) - Managing Director & CEO, Errol Smart - The Market Herald

" Orion Minerals (ASX:ORN) enters back-to-back trading halts ahead of capital raise

Orion Minerals (ORN) is gearing up for a capital raise, after successfully requesting its securities be placed in back-to-back trading halts by the
Pantoro (ASX:PNR) - Managing Director, Paul Cmrlec - The Market Herald

" Pantoro (ASX:PNR) gears up for a capital raise

Gold producer Pantoro (PNR) has entered a trading halt as it gears up for a capital raise announcement.
Centuria (ASX:CIP) - Executive Director, Jason Huljich - The Market Herald

" Centuria Industrial REIT (ASX:CIP) to raise $340M to purchase Telstra’s (ASX:TLS) Data Centre

Centuria Industrial REIT (CIP) is set to raise $340.8 million to purchase the Telstra Data Centre in Clayton, Victoria, worth $416.7 million.
Salt Lake Potash (ASX:SO4) - CEO & Managing Director, Tony Swiericzuk - The Market Herald

" Salt Lake Potash (ASX:SO4) to rake in $300M through cap raise and finance package

WA-based potash company Salt Lake Potash (SO4) has frozen its shares this morning as it books the institutional part of a $98.5 million...