Join our daily newsletter At The Bell to receive exclusive market insights
- Great Western Exploration (GTE) enters a trading halt as it plans an upcoming capital raise
- The company recently defined the Ready1 nickel-PGE target in WA as well as two parallel trending anomalies immediately west
- GTE flagged plans to follow this up with survey work and is also beginning a drilling program at Yandal West within the next few weeks
- It isn’t known how much Great Western Exploration will raise nor how the funds will be spent but details should be revealed by May 9
- GTE last traded at 8.8 cents on May 4
Great Western Exploration (GTE) has entered an immediate trading halt ahead of a proposed capital raise.
The materials stock hasn’t disclosed how much money it will raise nor how it will spend the funds but these details are expected by the time GTE expects to recommence trading on Monday, May 9.
Earlier this week, Great Western Exploration defined a new nickel-platinum group element (PGE) target at its wholly-owned tenure which lies 45 kilometres north of Wiluna, WA.
The Ready1 target has nickel-PGE anomalism and is four kilometres long and one kilometre wide. GTE also identified two parallel trending platinum anomalies immediately west of Ready1.
The company plans to undertake a refined geophysical survey at Ready1 which may be followed by drill testing.
Great Western Exploration also plans to begin drilling either in late May or early June to test six targets at the Yandal West project.
In terms of its financial position, the company spent $94,000 on operating activities in the March quarter and $1.04 million on investing activities.
At the end of the three months, GTE had $2.4 million in cash and an estimated 2.65 quarters left of available funding.
GTE last traded at 8.8 cents on May 4.
