Pursuit Minerals Ltd (ASX: PUR) shares have been placed in a trading halt pending a capital raise. Earlier today the company released an investor presentation, detailing how the capital will be raised and how the funds will be used.
Pursuit share price halted
Following the close of Monday’s trading session, and at the request of the company, Pursuit shares entered a trading halt. The trading halt was expected to last until 1 April or until an announcement was made. Although the company released an investor presentation today, the company’s shares have so far remained halted. Pursuit noted that the raise will be managed by CPS Capital Group Pty Ltd.
Today’s update comes after Pursuit revealed that highly prospective electromagnetic (EM) conductors are evident at the Phil’s Hill prospect in Western Australia. In an announcement released on Monday this week, the company noted that EM conductors were identified on three lines of data over a 900-metre strike.
Today’s investor presentation to shareholders provided an overview of the company’s capital raise and also highlighted Pursuit’s highly prospective projects in Western Australia.
According to the investor presentation, Pursuit plans to undertake an equity placement to raise $5 million at 6.9 cents. The proposed raise price is a 21.6% discount from the company’s last trading price of 8.8 cents per share.
The company also provided investors with a corporate overview, noting a current cash holding of $1.4 million.
Pursuit further elaborated on its wholly-owned Warrior PGE-Nickel-Copper (PGE-Ni-Cu) project and the electromagnetic conductors identified at the Phil’s Hill prospect, located within the Warrior project.
The company also highlighted that it has applied for two exploration licences at its Combatant PGE-Ni-Cu project and that geochemical surveys are underway at its Gladiator Gold project.
About Pursuit Minerals
Pursuit Minerals is a mineral exploration company that focuses on developing PGE-Ni-Cu, Gold, vanadium and nickel projects. The company’s wholly-owned projects include; the Warrior PGE-Nickel-Copper project, Combatant PGE-Ni-Cu project and its Gladiator Gold project all located in Western Australia.
The Pursuit share price has surged by more than 2,800% in the past 12 months. A strong half-year report and various acquisitions and joint venture opportunities have fuelled the company’s share price.
At the time of writing, the Pursuit share price remains in a trading halt, having last traded at 8.8 cents.