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- Norwest Minerals (NWM) has entered a trading halt to plan for its first-ever capital raise since listing in 2018
- The company will remain in the halt until September 25 or when an announcement is released, whichever occurs first
- In its June quarterly report, Norwest revealed it had just over $1.5 million in total funding available, meaning it could support operations for 3.9 more quarters if spending levels remain the same
- Recently, Norwest also announced it had completed a 4520-metre drilling program at the Bulgera mine sequence in WA, where it also identified an 800-metre gold anomaly
- Shares in Norwest last traded for 11.5 cents on September 16
Norwest Minerals (NWM) has entered a trading halt to plan for its first-ever capital raise since listing in 2018.
The company will remain in the halt until September 25 or when an announcement is released, whichever occurs first.
At this point, Norwest has not revealed how much it intends to raise or what the funding will be used for.
In its June quarterly report, Norwest revealed it had just over $1.5 million in total funding available, meaning it could support operations for 3.9 more quarters if spending levels remain the same.
Further, the company burnt through $96,000 over the period, tabling $100,000 in staff, admin and corporate costs.
Throughout the June quarter, Norwest completed a 4520-metre aircore drilling program along the Bulgera mine sequence in WA.
This work identified an 800-metre gold anomaly which warranted follow-up reverse circulation drilling where up to 6.2g/t gold was identified.
Shares in Norwest last traded for 11.5 cents on September 16.
