- NewPeak Metals (NPM) has entered a trading halt while it plans a capital raise
- In addition, the company announced it now owns a 51 per cent stake in the Las Opeñas Gold Project with Genesis Minerals owning the other 49 per cent
- Over the next few months, NewPeak plans to conduct drilling in Finland and at the Las Opeñas Gold Project
- The materials stock will remain in the trading halt until no later than Wednesday, July 14
- Company shares last traded at 0.2 cents on July 9
NewPeak Metals (NPM) has entered a trading halt while it plans a capital raise.
The materials stock will remain in the trading halt until no later than Wednesday, July 14.
It isn’t yet clear how much will be raise or where the funding will be put towards, but the market will find out by this Wednesday, at the latest.
Prior to the trading halt being announced, NewPeak Metals released an update for the Las Opeñas Gold Project.
NPM now has a 51 per cent ownership of the Argentina-based project after fulfilling the necessary exploration expenditure and payment commitment terms with Genesis Minerals (GMD).
The ASX listers struck an agreement in 2019 which gave NewPeak the option to eventually earn a 100 per cent stake in the project.
NewPeak also detailed its 2021 plans which involve making a significant discovery and defining resources in one or more of its projects. To do so, the company will begin drilling at its Finland-based projects in the next few weeks and will start drilling at Las Opeñas in the final quarter of the year.
Managing Director and CEO, David Mason, was pleased to gain a controlling interest in the Las Opeñas Gold Project.
“Achieving the 51 per cent acquisition milestone in this exciting project is most pleasing and we look forward to commencing the next phase of work at Las Opeñas.”
Whether or not the upcoming capital raise will support drilling efforts is not yet clear.
Company shares last traded at 0.2 cents on July 9.