Miramar Resources (ASX:M2R) - Executive Chairman, Allan Kelly
Executive Chairman, Allan Kelly
Source: Miramar Resources
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  • Miramar Resources (M2R) ends the week in a trading halt pending an upcoming capital raising
  • The company will remain in the halt until Tuesday, May 3 or when an announcement with more details is released, whichever occurs first
  • In its March quarterly report, Miramar revealed it had burnt through $245,000 with the majority going towards administration and corporate costs
  • As of March 31, the company had $2.06 million in total available funding, representing two quarters of use of spending levels remain the same.
  • Shares in Miramar last traded at 18 cents on April 28

Miramar Resources (M2R) has ended the week in a trading halt pending an upcoming capital raising.

The company will remain in the halt until Tuesday, May 3 or when an announcement with more details is released, whichever occurs first.

Miramar is yet to disclose how much it intends to raise or what it will use the funds for once received.

In its March quarterly report, Miramar revealed it had burnt through $245,000 with the majority going towards administration and corporate costs.

The company also invested $645,000 in exploration and evaluation as well as in its property, plant and equipment.

As of March 31, Miramar had $2.06 million in total available funding, representing two remaining quarters of use if spending levels stay the same.

Prior to the release of its quarterly, Miramar began a detailed magnetic survey at its Lang Well Project in the Murchison region of Western Australia.

A historical review of the project identified 50 outcropping pegmatite occurrences, none of which have been assayed for lithium and rare earth elements.

Miramar will undertake systematic rock chip sampling of the northern pegmatites and will finalise the plans for a reconnaissance aircore program once the results from the survey have been received.

Shares in Miramar last traded at 18 cents on April 28. The company has a $10.13 million market cap.

M2R by the numbers
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