- Maximus Resources (MXR) has entered a trading halt while it plans a capital raise
- At this stage, it isn't clear how much the gold explorer wants to raise or what it will use the money for
- However, it seems the company has extensive mining and exploration work planned for its tenements across WA
- Maximus will remain in the trading halt until Monday, April 12 at the latest
- Maximus' shares last traded at 8.9 cents on Wednesday, April 7
Maximus Resources (MXR) has entered a trading halt while it plans a capital raise.
The gold exploration company will remain in the trading halt until no later than Monday, April 12.
At this stage, it isn't clear how much will be raised or what the money will be used for.
The last time Maximus raised capital was in September last year. The company raised about $3.18 million which it used to accelerate exploration work across multiple tenements in WA.
Maximus owns 48 square kilometres of tenements and another 60 square kilometres in gold rights across the Spargoville Shear Zone. This area hosts the Wattle Dam gold mine, which was one of Australia's highest-grade gold mines.
The ASX-lister's short-term strategy is to increase gold resources and expand future development options around the Wattle Dam mine's existing underground infrastructure.
By the end of last year, Maximus had about $2.3 million which was a significant increase from the $801,108 it started the half-year period with.
However, in a recent announcement, the company said it has a lot of exploration and mining studies planned so perhaps it will benefit from some extra cash.
Maximus' shares last traded at 8.9 cents on Wednesday, April 7.