- 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.