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Protean Energy (ASX:POW) to raise fresh capital
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  • Protean Energy (POW) has entered the week in a trading halt ahead of a capital raise
  • At this point in time, it is unclear how much the company is aiming to raise and what the cash injection will be put towards
  • Company shares will be paused until Wednesday, October 28, or when more details about the capital raise are released to the market
  • Last week, Protean announced GeoGeny Consultants Group will commence a four-phase exploration program at its Gwesan Vanadium Project in South Korea
  • Protean shares last traded for 1 cent on October 23

Protean Energy (POW) has entered the week in a trading halt ahead of a capital raise.

At this point in time, it is unclear how much the company is aiming to raise and what the cash injection will be put towards.

Protean's shares will remain in a halt until Wednesday, October 28, or when more details about the capital raise are released to the market.

Last week, Protean gave GeoGeny Consultants the green light to commence a four-phase exploration program at its Gwesan Vanadium Project in South Korea.

The initial phase of the program is aiming to identify vanadium prospectivity at Gwesan. The company plans to undertake a field reconnaissance program — which includes multi-commodity soil and trench sampling campaigns, approvals and permits — in the first quarter of 2021.

Meanwhile, the second stage of the program will look to define anomalous zones of vanadium mineralisation, which will be followed by auger drilling and aeromagnetic surveying.

Based on these results, the company will then propose a diamond drill program to test vanadium targets.

Protean shares last traded for 1 cent on October 23.

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