Join our daily newsletter At The Bell to receive exclusive market insights
- MinRex Resources (MRR) places its shares in a trading halt pending an announcement regarding an upcoming capital raising
- The company’s shares will remain halted until the earlier of December 15 or when the announcement is made
- In late November, MinRex entered a binding a term sheet with Abeh and Mzxwell Strindberg to acquire seven exploration licences in Western Australia
- In late November, MinRex entered a binding term sheet with Abeh and Maxwell Strindberg to acquire seven exploration licences in Western Australia
- These licences are relatively untested by modern exploration and the acquisition represents a major step in MinRex’s plan to become an emergining lithium explorer
- Shares in MinRex last traded at 3.7 cents on December 10
MinRex Resources (MRR) has placed its shares in a trading halt pending an announcement regarding an upcoming capital raising.
The company’s shares will remain halted until the earlier of December 15 or when the announcement is made.
MinRex is yet to disclose how much it intends to raise and what it will use the money for once received.
In late November, MinRex entered a binding term sheet with Abeh and Maxwell Strindberg to acquire seven exploration licences in Western Australia.
These acquisitions represent a major step in MinRex’s plan to become an emerging lithium explorer.
The exploration licences have extensive pegmatites which are relatively untested by modern exploration.
Overall, grades have peaked at 2.02 per cent lithium oxide, 1890 parts per million (ppm) rubidium, 2866 ppm tantalum, 3138 ppm tin, 1481 ppm niobium, 5350 ppm lead, 32 ppm silver and 16 ppm gold.
According to CEO Pedro Kastellorizos, MinRex will undertake drill testing once the detailed geological mapping and sampling have been completed.
Shares in MinRex last traded at 3.7 cents on December 10. The company has a $21.62 million market cap.
