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- Manhattan Corporation (MHC) has entered a trading halt and flagged plans to raise additional capital
- No details have been released regarding the capital raise, however, the company’s trading halt is due to end on March 22
- The company recently finished the half-year with more than $358,000 in net losses, slightly up on December 2019′ result
- MHC spent over $331,000 on operating activities during the period and ended December with more than $2.8 million in the bank
- Activities wise, the company spent most of the half-year focused on its Tibooburra Gold Project where it carried out drilling campaigns
- Shares in Manhattan Corporation last traded for 1.8 cents on March 17
Manhattan Corporation (MHC) has entered a trading halt and flagged plans to raise additional capital.
The exploration company hasn’t revealed how much it’s planning to raise, or what the funds will be used for.
Instead MHC will release the full details of the raise on or before Monday, March 22, the last day of the trading halt.
The company recently finished the recent half-year period with more than $358,000 in net loss, which is slightly up on December 2019’s result.
Manhattan also spent over $331,000 on operating activities during the period, with most of that cash going towards employee costs.
MHC ended December with more than $2.8 million in the bank, which means it was relatively well-funded given its current rate of spend.
In term of activities, the explorer spent most of the half-year focused on its Tibooburra Gold Project in Northern NSW.
MHC received assays back from its initial reverse circulation (RC) drill program and also completed further RC, diamond and aircore drilling at the site.
Before today’s trading halt came into effect, shares in Manhattan Corporation were trading for 1.8 cents per share on March 17.
