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- Meteoric Resources (MEI) starts the week off in a trading halt, as it gets ready to raise some much-needed capital
- The exploration business ended the September quarter with $2.24 million in the bank, enough cash to keep running for another 1.3 quarters
- MEI burnt through $1.73 million during the three-month period, including spending over $1.5 million on exploration across its assets in WA and Brazil
- Company shares will remain halted from trading on the ASX until November 3, when the full details of the fundraise should be made public
- Meteoric Resources’ last traded at 1.9 cents per share
Meteoric Resources (MEI) has started the week off in a trading halt, as it gets ready to raise some much-needed capital.
The exploration business revealed last week it had ended the September quarter with $2.24 million in the bank, which was only enough cash to keep running for another 1.3 quarters.
MEI burnt through $1.73 million during the three-month period, including spending over $1.5 million on exploration across its assets in Western Australia and Brazil.
This includes a 10-hole drilling program at Butchers Creek within the Palm Springs Gold Project in WA, with best intercepts of 8.8 grams per tonne gold.
Meteoric also completed further drilling on diamond drill holes at the Juruena project in Brazil, with results confirming the intersection of a significant thickness of anomalous copper.
The company’s shares will remain halted from trading on the ASX until Wednesday, November 3, when the full details of the fundraise should be made public.
Before today’s trading halt, Meteoric Resources traded at 1.9 cents per share on Friday, October 29.
