Kuniko (ASX:KNI) flags cap raise ahead of exploration programs

• Norwegian battery metals explorer Kuniko enters a trading halt while it plans a capital raise
• The company hasn’t disclosed how much it will raise nor how the money will be spent once received
• However, Kuniko has multiple exploration programs planned across its Scandinavian asset portfolio including a maiden drilling program at the Skuterud project starting next week
• At the end of March, Kuniko had $4.9 million in cash and an estimated 5.6 quarters left of available funding
• Company shares last traded at $1.15 on April 28

Kuniko (KNI) has placed its shares in a trading halt as it plans and completes a proposed capital raise.

Kuniko is a Norway-based explorer focused on the development of copper, nickel, and cobalt projects in Scandinavia. It has also expanded its interests to include prospects for both battery and technology metals.

The company hasn’t disclosed any details about the capital raise, such as how much may be raised or how the funds will be spent.

Kuniko recently posted its quarterly report for the three months ending March 31 in which it detailed exploration activities undertaken across the Skuterud, Ringerike, Nord-Helgeland, Vangrøfta, Undal-Nyberget, and Feøy projects.

The company also flagged a maiden diamond drilling program would begin at the Skuterud cobalt project to test for the presence of conductors at three prospects. Drilling will start at the Norway-based project on May 2.

In addition, the materials stock will undertake two further geochemical rock and soil sampling programs at Skuterud in the June quarter as well as sampling and mapping work at the Ringerike project.

Kuniko will also commence a pegmatite sampling program at the Nord-Helgeland technology metals project in early June and this will be conducted at the same time as a geochemical sampling program at the Undal-Nyberget project.

At the end of March, Kuniko had $4.9 million in cash and an outstanding loan balance of $594,000 with Vulcan Energy Resources. It has an estimated 5.6 quarters left of available funding.

It isn’t known if the upcoming cash injection will go towards exploration activities but the details will be revealed when the company comes out of the trading halt by May 3.

Company shares last traded at $1.15 on April 28.