Join our daily newsletter At The Bell to receive exclusive market insights
- Strickland Metals (STK) has entered a trading halt ahead of a capital raise
- The company hasn’t said how much it plans to raise or how it will spend the money but it seems as though there are multiple exploration programs in the works
- Strickland is progressing drilling at the Dusk til Dawn and Iroquois prospects and in January next year will begin a major program at the Millrose deposit
- STK ended the September quarter with $6.04 million in cash and 3.84 quarters left of funding if spending levels remain the same
- Strickland expects to come out of the halt by November 8 and shares last traded at 8.7 cents on November 3
Strickland Metals (STK) has entered a trading halt ahead of a capital raise.
The company hasn’t indicated how much it hopes to raise or how it will spend the funds, but these details should be revealed once STK comes out of the trading halt by November 8.
Strickland Metals recently announced its report for the September quarter which highlighted some exploration work and its cash position.
The company completed 15,000 metres of aircore drilling at Horse North, which is part of its Yandal project in Western Australia.
STK is also progressing reverse circulation drilling at the Dusk til Dawn and Iroquois prospects, which is being carried out through to mid-December.
In January 2022, the materials stock expects to begin a 15,000-metre program at the Millrose gold deposit. The drilling program will run for roughly six months and is aimed at expanding the mineral resource which currently stands at six million tonnes at 1.8 grams of gold per tonne, representing 346,000 ounces of gold.
Financially, Strickland spent $333,000 on operating activities which only went towards staff and admin costs, and a further $7.04 million was allocated to investing activities.
Around $11.9 million was generated from financing activities and STK ended the quarter $6.04 million in cash and 3.84 quarters left of funding if spending levels remain the same.
Company shares last traded at 8.7 cents on November 3.
