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- West Africa gold explorer Manas Resources (MSR) has entered a trading halt while it plans an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise but it did hint at an acquisition of new mineral projects
- Company shares will remain in the halt until Thursday, May 20, or when further details about the raise are released to the market
- On the market, Manas last traded at 0.7 cents per share on May 17
Manas Resources (MSR) has entered a trading halt while it plans an upcoming capital raise.
There aren’t currently any details on how much Manas is aiming to raise, however the company did hint at the acquisition of new mineral projects.
Under the trading halt, company shares will be paused until Thursday, May 20, or when further details about the raise are released to the market, whichever one comes first.
Manas is a gold explorer with three key assets in Côte d’Ivoire in West Africa.
In its March quarterly report released last month, the company revealed it spent around $720,000 on operating and exploration costs to develop its West Africa projects. By the end of the quarter, Manas’ cash balance was just over $4.5 million.
In the same period, the company received drilling results from the Mbengué Gold Project.
Drilling focused on three prospects from the geophysical surveys. However, a few results were low-grade, with the highest being 2.25g/t of gold.
Manas last traded at 0.7 cents per share on May 17.
