Join our daily newsletter At The Bell to receive exclusive market insights
- Victory Mines (VIC) enters a trading halt for an upcoming capital raise
- The materials stock hasn’t disclosed how much will be raised nor what the funding will be used for
- However it is progressing a reverse circulation drilling program at the Coogee Gold Project in WA which is expected to wrap up next month
- Victory Mines expects to remain in the trading halt until Thursday, July 29, by which time the details of the capital raise will have been released
- Company shares last traded at 0.3 cents on July 26
Victory Mines (VIC) has entered a trading halt regarding an upcoming capital raise.
The materials stock hasn’t disclosed how much will be raised nor what the funding will be used for.
In terms of current activities, Victory Mines is undertaking a reverse circulation (RC) drilling program at the Coogee Gold Project in Western Australia.
In January this year, the company acquired the remaining 90 per cent interest in the project through an agreement with fellow ASX-lister Ramelius Resources (RMS).
Soon afterwards VIC raised $2 million through a placement which mainly funded resource drilling at the Coogee Gold Project. Since then, the company began a 6000-metre RC drilling program which has yielded positive results.
Over the course of this month, Victory Mines extended gold mineralisation multiple times along the main and eastern trends. This program is ongoing and is expected to be completed next month.
Victory Mines expects to remain in the trading halt until Thursday, July 29, by which time the details of the capital raise would have been released.
Company shares last traded at 0.3 cents on July 26.
