The 92 Energy Ltd (ASX: 92E) share price won't be going anywhere on Friday after the company requested a trading halt.
What's the trading halt for?
92 Energy shares will remain halted, pending the release of an announcement regarding a capital raising.
It will remain in a trading halt until Tuesday, 28 September or upon the release of the announcement.
The 92 Energy share price successfully made its ASX debut on 15 April after a strongly supported initial public offering at 20 cents a share.
The company has $5.8 million in cash and cash equivalents based on its June quarterly activities report.
All aboard the uranium hype train
92 Energy shares have been running hot following a sudden spike in uranium spot prices.
Uranium prices briefly jumped to US$50/lb in late September, marking a 9-year high for the energy metal.
Uranium prices have been skyrocketing off the back of purchases from an investment fund, Sprott's Physical Uranium Trust.
This has caused a sharp re-rate across ASX-listed uranium players, from established large cap players like Paladin Energy Ltd (ASX: PDN) all the way to recent IPOs like 92 Energy.
As such, the 92 Energy share price is up 173% since its first day of listing, where it closed at 28.5 cents. And up almost 400% for those that managed to participate in the IPO.
92 Energy share price jumps on uranium discovery
Shares in 92 Energy briefly touched $1.15 on Monday after the company discovered a new zone of uranium mineralisation at its 100% owned Gemini Project.
The company will now review the drill results for "insights into the geology, mineralogy and structure … to gain a comprehensive understanding of this zone as soon as possible".
A follow-up drilling program is currently planned for the Canadian winter drilling season which typically runs from January to March.
