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Paterson Resources (ASX:PSL) - Non Executive Chairman, Nick Johansen
Non Executive Chairman, Nick Johansen
Source: Ward Keller
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  • Paterson Resources (PSL) has entered a trading halt while it plans a capital raise
  • The materials stock hasn’t said how much it plans to raise or what the money will be used for but it has two drilling programs planned in the near term
  • One will commence this month at the Grace Project in WA and the second includes 2500 metres at the Hackneys Creek deposit in NSW
  • Whether or not the capital raise will support exploration efforts is not yet clear but the market will find out by Thursday, August 19
  • Company shares last traded at 5.6 cents on Monday, August 16

Paterson Resources (PSL) has entered a trading halt in regards to a capital raise.

The materials stock hasn’t provided any details on how much it plans to raise or what the money will be used for.

Paterson Resources is a gold-copper explorer with multiple assets under its belt across Western Australia and New South Wales.

At the start of this month, the company released its June quarterly report which included plans for a drilling program at the Grace Project.

PSL has appointed a contractor, completed a heritage survey and its plan of works has been approved. Now, site preparations are underway for drilling to begin this month.

Paterson Resources also inked its plans to carry out drilling at the Hackneys Creek deposit which is part of the Burraga Copper-Gold Project in NSW.

The program will include 2500 metres and will aim to expand the existing gold resource. However, the company didn’t indicate when drilling would begin.

Paterson ended the June quarter with around $2.2 million in cash and equivalents and an estimated four quarters left of available funding.

Whether or not the upcoming capital raise will support exploration efforts is not yet clear but the market will only have to wait until no later than Thursday, August 19 to find out the details.

Company shares last traded at 5.6 cents on Monday, August 16.

PSL by the numbers
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