Join our daily newsletter At The Bell to receive exclusive market insights
- Moho Resources (MOH) enters a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Thursday, May 26, or when the announcement is released, whichever occurs first
- On May 6, Moho announced it had identified prospective nickel sulphide geochemical targets at its Black Swan South prospect in WA
- The company said it will undertake reverse circulation drilling and downhole and ground electromagnetic surveys over the anomalies to assess the potential for further targets
- Shares in Moho last traded at 3.4 cents on May 23
Moho Resources (MOH) has entered a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Thursday, May 26, or when the announcement is released, whichever occurs first.
Moho is yet to disclose how much it intends to raise or what it will use the funds for once received.
On May 6, Moho announced it had identified prospective nickel sulphide geochemical targets at its Black Swan South prospect in Western Australia.
Results from a test of historical geochemical assay data identified geochemical targets in three drill sections.
The company will now undertake reverse circulation drilling to test geochemical nickel and copper anomalies.
A downhole electromagnetic and a ground electromagnetic survey will also take place over the anomalies to assess the potential for further nickel targets.
Moho last tapped investors for cash in October 2021 when it undertook a $1.51 million placement.
The funds were raised through the issue of 25.17 million new shares to shareholders priced at six cents each.
Participants also received one free attaching option for every share issued, exercisable at 8.5 cents with an expiry date three years from issue.
Moho stated it would use the money to finalise the acquisition of Whistlepipe and undertake exploration at the Silver Swan North, Burracoppin and Empress Springs projects.
Shares in Moho last traded at 3.4 cents on May 23. The company has a $4.42 million market cap.
