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- Rimfire Pacific Mining (RIM) has locked up its shares in back-to-back trading halts, as it gets ready to execute a capital raise
- Shareholders will have to wait until the end of the week to find out how much Rimfire plans to raise — unless they announce the details early
- Rimfire ended the June quarter with just over $300,000 worth of cash in the bank
- It also spent $48,000 on operating activities during the same period, with most of that money going towards staff and admin costs
- Shares in Rimfire last traded for 1.5 cents each on September 18
Gold and copper explorer Rimfire Pacific Mining (RIM) has locked up its shares in back-to-back trading halts, as it gets ready to execute a capital raise.
Shareholders will have to wait until the end of the week to find out how much Rimfire plans to raise — unless they announce the details early.
At this stage, the two trading halts are set to expire on Friday, September 25.
The cash raise comes as Rimfire ended the June quarter with $310,000 worth of cash in the bank, which is an increase on the previous quarter’s total of $225,000.
The exploration company burnt through $48,000 on operating activities during the same period, with most of that money going towards staff and admin costs.
At that spending rate, Rimfire had enough cash in the bank to keep in operating for another 1.97 quarters.
Before today’s back-to-back trading halts were implemented, shares in Rimfire Pacific Mining were trading for 1.5 cents each on September 18.
