Join our daily newsletter At The Bell to receive exclusive market insights
- Corazon Mining (CZN) mining shares have entered a voluntary trading halt ahead of an upcoming capital raising announcement
- Further information regarding the proposed capital raise is expected to be disclosed to the market on or before September 15
- The call for capital follows CZN’s latest quarterly cashflow report, which revealed the company had less than a quarter’s worth of funding available
- CZN says it will continue further exploration activities “prudently” at a reduced level of operating expenditure
- Prior to today’s trading halt, Corazon Mining shares last traded at 3.8 cents
Corazon Mining (CZN) mining shares have entered a voluntary trading halt ahead of an upcoming capital raising announcement.
Shares in the base and precious metals explorer are set to remain in a halt until September 15, when further information regarding the fundraise is disclosed to the market.
The call for capital comes shortly after Corazon reported a subdued cash balance in its quarterly activities report, although CZN has not explicitly indicated how much it might look to raise.
Corazon reported having roughly $638,000 in available funding as at June 30, which was not enough to see it through the next quarter based on spending levels at the time.
“The Company is undertaking a drilling program at Mt Gilmore and expects to
prudently continue with further exploration activities at Lynn Lake at a reduced level of operating expenditure in the following quarters,” the company said in a statement.
“The Company will continue to monitor its available cash and either reduce its
operating expenditure or seek to raise funds for its ongoing activities.”
Prior to today’s trading halt, Corazon Mining shares last traded at 3.8 cents.
