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Pacifico Minerals (ASX:PMY) freezes shares ahead of capital raise
  • Pacifico Minerals (PMY) has frozen its shares ahead of an upcoming capital raise
  • The company will remain in the halt until September 18 or when the announcement is released, whichever occurs first
  • On September 14, the company announced its Sorby Hills Project had progressed to the next stage of the Northern Australia Infrastructure Facility's (NAIF) assessment process
  • The NAIF process is a Federal Government program which aims to inject $5 billion in funding into projects in the country's north to benefit the area
  • Pacifico believes Sorby Hills will involve almost 350 people, with many workers sourced from the Kimberly Region
  • Now that the strategic assessment has been complete, the company will move onto the due diligence stage
  • Shares in Pacifico last traded for 2.2 cents on September 14

Pacifico Minerals (PMY) has frozen its shares ahead of an upcoming capital raise.

The company will remain in the halt until September 18 or when the announcement is released, whichever occurs first.

At this point, Pacifico is yet to announce how much it intends to raise or what it will use the funds for.

On September 14, the company announced its Sorby Hills Project in WA had progressed to the next stage of the Northern Australia Infrastructure Facility's (NAIF) assessment process.

The NAIF process is a Federal Government program which aims to inject $5 billion in funding to projects in the north of the country to benefit the area.

Pacifico believes that Sorby Hills will involve up to 163 construction workers and an average of 186 operations staff — with many workers sourced from the Kimberly Region.

Now that the strategic assessment has been complete, Pacifico will move onto the due diligence stage.

However, at this stage, NAIF has not made a decision to finance Sorby Hills and there is no guarantee that an agreement will be reached.

Shares in Pacifico last traded for 2.2 cents on September 14.


Find out more about this capital raise


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