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- Elevate Uranium (EL8) enters a trading halt while it plans for an upcoming capital raise
- Currently, it is not known how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Thursday, November 25, or when further information about the raise is released to the market
- On the market, Elevate Uranium last traded at 51 cents per share
Elevate Uranium (EL8) has entered into a trading halt while it finalises plans for a capital raise.
So far, there are no details about how much the company is planning to raise or where the funds will be spent.
Under the halt, company shares will be paused until Thursday, November 25, or when further information about the raise is released to the market.
Elevate Uranium, formerly Marenica Energy, is an Australia-based mineral exploration and development company, with a focus on uranium resources in Namibia and Australia.
Earlier this year, the company reported a “new uranium discovery” from a maiden scout drill program underway at its Namib IV prospect in Namibia.
The exploration program intersected uranium mineralisation over a palaeochannel length of 17 kilometres. Further geological interpretation will be undertaken to guide the next phase of drilling.
At the end of the September quarter, the company had just over six million in cash and cash equivalents.
On the market, Elevate Uranium last traded at 51 cents per share.
