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- Junior explorer Thomson Resources (TMZ) has entered back-to-back trading halts as it gets ready to execute a capital raise
- The company will remain in a halt until November 13, unless it decides to announce the details of the raise early
- This is the second time in five months Thomson has tapped investors for additional equity
- The gold and tin explorer raise just over $890,000 in capital via an entitlement offer for eligible shareholders
- Thomson ended the September quarter with $392,000 worth of cash in the bank, enough to keep it going for another 0.9 quarters
- Before the two trading halts, shares in TMZ has traded for 7.6 cents each
Thomson Resources (TMZ) has entered back-to-back trading halts as it gets ready to carry out a capital raise.
At this stage, the junior explorer will remain in a trading halt until November 13, unless it decides to announce the details of the raise early.
This is the second time in around five months the company has tapped investors for additional equity.
Thomson carried out an entitlement offer back in June, tapping eligible shareholders for an additional $891,106 in capital.
The cash was put towards general working capital and to fund further exploration work at the company’s NSW projects.
Thomson ended the September quarter with $392,000 worth of cash in the bank, after burning through $207,000 in the same period.
All of the operating expenses went towards staff and administration costs, while the company also spent $252,000 on investment activities.
At that spend rate, the junior explorer estimated it only had enough funding for another 0.9 quarters.
As a result, today’s capital raise may not come as a surprise for some shareholders.
Before today’s two trading halts came into effect, shares in Thomson Resources were trading for 7.6 cents each.
