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- Reach Resources (RR1) places its shares in a trading halt pending an upcoming capital raising and acquisition
- The company will remain in the halt until March 21 or when further details regarding the capital raising and acquisition are announced, whichever occurs first
- In its half-yearly report for the period ending December 31, 2021, Reach revealed a loss of $251,342, up from $116,414 in the prior corresponding period
- The company also spent $235,792 on operating activities and invested $683,400
- Shares in Reach last traded at 0.8 cents on March 10
Mineral explorer Reach Resources (RR1) has placed its shares in a trading halt pending an upcoming capital raising and acquisition.
The company will remain in the halt until March 21 or when further details regarding the capital raising and acquisition are announced, whichever occurs first.
Reach is yet to disclose how much it intends to raise and who or what it will be acquiring.
Reach is a gold and base metals exploration company with prospects including Primrose Gold near Paynes Find in Western Australia’s Mid West, and the Skyline and Critical Elements rare earths prospects in the state’s Gascoyne region.
In its half-yearly report for the period ending December 31, 2021, Reach revealed a loss of $251,342, up from $116,414 in the prior corresponding period.
The company also used $235,792 in operating activities and invested $683,400.
Reach ended the period with more than $1.11 million in cash and cash equivalents.
The company last tapped investors for cash in April 2021 when it raised $3,366,512 via a placement and rights issue.
More than one billion shares priced at 0.3 cents and 1.13 billion options were issued to participants to raise the funds.
Shares in Reach last traded at 0.8 cents on March 10. The company has a $12.75 million market cap.
