Join our daily newsletter At The Bell to receive exclusive market insights
- Montem Resources (MR1) has entered a trading halt while it plans to raise some fresh capital
- The company recently established a committee to develop the Tent Mountain Renewable Energy Complex in Canada
- Upcoming activities include a front-end engineering and design (FEED) study next year, which will be followed by engineering procurement and construction work in early 2023
- Whether or not the upcoming raise will support the TM-REX is not yet clear, but the details are expected to be released by Monday, December 20
- Company shares last traded at 5.9 cents on December 15
Montem Resources (MR1) has entered a trading halt while it plans to raise some fresh capital.
The company hasn’t announced any details on the raise such as the amount nor how it plans to spend the money. These details are expected to be released to the market by December 20, when the company comes out of the trading halt.
Montem recently established a committee to drive the development of the Tent Mountain Renewable Energy Complex (TM-REX) in Alberta, Canada.
The company completed a definitive feasibility study on the Tent Mountain mine in 202 and advanced a regulatory process to restart the mine. MR1 said approvals to restart the mine have been delayed, so it identified other ways of monetising the assets at Tent Mountain.
One of these is transitioning the project to a larger complex which will comprise an onsite hydro-energy storage facility, an offsite wind power facility, and onsite production of green hydrogen
Initial work will include completing a front-end engineering and design (FEED) study in 2022 followed by an engineering, procurement and construction (EPC) tender evaluation in early 2023.
Whether or not the upcoming raise will support the TM-REX is not yet clear.
Company shares last traded at 5.9 cents on December 15.
