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Marquee Resources (ASX:MQR) enters trading halt pending potential acquisition
  • Marquee Resources (MQR) has been placed in a trading halt pending a capital raise and potential acquisition
  • The company is expected to emerge from this trading halt on July 7 or when the announcement is released, whichever occurs first
  • Yesterday, Marquee released its March 2020 quarterly activities report and detailed the impact COVID-19 has had on the business
  • Shares in Marquee last traded for four cents each on June 29

Marquee Resources (MQR) has been placed in a trading halt pending a capital raise and potential acquisition.

The company is expected to emerge from this trading halt on July 7 or when the announcement is released, whichever occurs first.

Yesterday, Marquee released its March 2020 quarterly activities report and the impact COVID-19 has had on the business.

COVID-19

During the quarter, Marquee's board and management team agreed to reduce their salary for an indefinite period.

As a result, the company is looking at the JobKeeper initiative and will implement the scheme where appropriate.

Additionally, operating costs and monthly fees have been revised to save costs.

Acquisition opportunities

Marquee is continuing with due diligence on a number of acquisition opportunities, with aims to acquire exploration projects which deliver long-term shareholder value.

The main focus is on gold and base metal projects, and Marquee will update shareholders when more progress is made.

Redlings REE Project

In mid-March Marquee announced the final results for the auger sampling program at its Redlings REE Project in WA.

These results outlined several anomalies throughout the project which are associated with strong REE (rare earth element) mineralisation.

Marquee is now in discussions to outline the best course of action for the project.

Clayton Valley Lithium Project

Despite not conducting any work at its Clayton Valley Lithium Project, Marquee was in discussions with companies who are interested in acquiring it.

These discussions are continuing and more information will be announced when more concrete details are finalised.

Centenario Lithium Project & Werner Lake Cobalt Project

Marquee also did not undertake any work at its Centenario Lithium and Werner Lake Cobalt projects during the quarter.

However, Marquee and its joint venture partners are continuing to outline the best way to unlock the potential at both projects.

Shares in Marquee last traded for four cents each on June 29.


Find out more about this capital raise


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