Vanadium Resources (VR8) has entered the week in a trading halt as it prepares for an upcoming capital raise
Currently, there are no details on how much the company is aiming to raise or where the funds will be spent
Under the halt, Vanadium shares will be paused until Wednesday, March 31, or when more information on the raise is released to the market
On the market, VR8 last traded for 4.8 cents on March 26
Vanadium Resources (VR8) has entered into a trading halt ahead of an upcoming capital raise.
So far, there are no details on how much the company is aiming to raise or where the funds will be spent.
Under the halt, Vanadium shares will be paused until Wednesday, March 31, or when more information on the raise is released to the market.
VR8 is a junior vanadium developer who has an interest in the Steelpoortdrift Vanadium Project in Limpopo Province, South Africa.
Currently, the company owns 50 per cent of the project but has the right to purchase up to 73.95 per cent.
In January, the company assembled a team of experts and experienced contributors to commence a pre-feasibility study (PFS) towards the production of high purity vanadium oxide, using conventional salt-roast technology from concentrate produced at Steelpoortdrift.
Notably, the PFS is due to be completed in the second quarter of 2021, with the definitive feasibility study expected in the second quarter of 2022.
On the market, VR8 last traded for 4.8 cents on March 26.
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