Join our daily newsletter At The Bell to receive exclusive market insights
- Victory Mines (VIC) has entered a trading halt pending an upcoming capital raising
- The company will remain in the halt until January 21 or when an announcement is made, whichever occurs first.
- On January 11, Victory began a 6000-metre reverse circulation drilling program at the Coogee Gold Project in Western Australia
- Drilling will take roughly six weeks to complete and will test the down-plunge and strike extensions of the high-grade gold mineralisation
- A few days later on January 14, Victory completed the acquisition of the remaining 90 per cent interest in the Coogee Gold Project for $1 million
- Shares in Victory last traded at 0.3 cents on January 17
Victory Mines (VIC) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until January 21 or when an announcement is made, whichever occurs first.
Victory is yet to disclose how much it intends to raise or what it will use the funds for once received.
On January 11, Victory began a 6000-metre reverse circulation (RC) drilling program at the Coogee Gold Project in Western Australia.
Drilling will take roughly six weeks to complete and will test the down-plunge and strike extensions of the high-grade shoot to the south of Coogee which has intersected up to 35.87g/t gold.
Victory stated it will also test the down-plunge and strike extensions to the north and below the Coogee pit.
A few days later, on January 14, VIC completed the acquisition of the remaining 90 per cent interest in the Coogee Gold Project.
The 90 per cent was acquired for $1 million through the issue of 321,931,280 fully-paid ordinary shares priced at the five-day volume-weighted average price.
Shares in Victory last traded at 0.3 cents on January 17. The company has a $14.21 million market cap.
