Join our daily newsletter At The Bell to receive exclusive market insights
- Mineral resources company Fe (FEL) has placed its shares in a trading halt in preparation for an imminent capital raise
- The explorer has not yet indicated how it plans to utilise the funds or how much it is looking to raise
- Fe recently acquired a 50 per cent stake in the Yarram iron ore project in the Northern Territory, flagging iron ore operations as a priority amid the current pricing situation
- Fe’s most recent quarterly report revealed it held approximately $4.8 million in cash and equivalents, which is projected to see it through the next nine quarters
- Prior to the trading halt, Fe shares traded at 5.2 cents each.
Mineral resources company Fe (FEL) has placed its shares in a trading halt in preparation for an imminent capital raise.
FEL shares will remain in the standstill until Thursday February 18 or until a formal disclosure regarding the raise is released.
The explorer has not yet indicated how it plans to utilise the funds or how much it is looking to raise.
In terms of recent activities, the company recently purchased a 50 per cent stake in the Yarram iron ore project in the Northern Territory, expanding its various iron ore, lithium, gold and copper tenements across Western Australia and NT.
The company says although it retains its tenure in the East Pilbara and Pippingarra areas, exploration there is continuing as a lower priority to allow FEL to focus on developing its iron ore assets to capitalise on current prices.
In Fe’s most recent quarterly report, it held approximately $4.8 million in cash and equivalents, which based on spending levels at the time, was projected to see it through for the next nine quarters.
Prior to the trading halt, Fe shares traded at 5.2 cents each.
