- Myanmar Metals (MYL) has entered a trading halt as it gets ready to announce a capital raise
- The exploration company’s shares will remain in a trading halt until the end of the week unless it makes the details of the raise early
- Looking at Myanmar’s finances, the business ended FY20 with a $13.5 million comprehensive loss
- It also ended June 30, 2020, with around $11.1 million worth of cash in the bank after burning through over $16.7 million
- Shares in MYL last traded for nine cents a pop on October 6
Exploration company Myanmar Metals (MYL) has entered a trading halt as it gets ready to announce a capital raise to shareholders and investors.
No details have been released just yet, however, the explorer’s shares will remain in a trading halt until the end of the week — unless it makes the capital raise announcement early.
Looking at Myanmar’s finances, the business recently announced in its 2020 financial year annual report that it ended the year with a $13.5 million comprehensive loss
That’s slightly better than the $16.2 million loss recorded at the end of the previous financial year.
However, the explorer still burnt through over $16.7 million throughout FY20, with $10.3 million spent on exploration and evaluation activities.
The majority of that money went towards its Bawdwin Silver-Lead-Zinc Joint Venture Project near the town of Namtu, within Myanmar.
Meantime, at the end of Fy20 MYL had around $11.1 million worth of cash in the bank, well down on the more than $22.8 million it had at the end of FY19.
Shares in the materials stock last traded on October 6, worth nine cents each.