Conico (ASX:CNJ) enters trade pause ahead of cap increase – The Market Herald
- Australian mining exploration company Conico (CNJ) suspends trading over capital raise
- Conico last raised capital in September last year, which involved a $4 million placement to fund exploration in Greenland as well as further evaluation of the Mt Thirsty project in WA.
- The company also said it will allocate funds from this placement to a 2022 exploration program on the Ryberg and Mestersvig projects.
- At this point, CNJ plans to release fundraising details before trading resumes on March 31.
- Conico shares last traded at 1.5 cents on March 28
Australian mining exploration company Conico (CNJ) halted operations this morning over a capital raise.
Conico did not provide any details on the upcoming raise, such as how much it plans to raise or where the funds will go.
Conico last raised capital through a September 2021 offering that raised approximately $4 million through the issuance of 67 million shares at a price of six cents each. Sophisticated investors also received one fully paid common share for every 20 shares held.
The money was earmarked for the remainder of the 2021 exploration program at the Ryberg project in Greenland, further evaluation of the Mt Thirsty project in WA and working capital.
The company also said it would allocate some of the money to a 2022 exploration program on the Ryberg and Mestersvig projects.
Conico has not yet disclosed what exploration activities will be and if they have already started on the Greenland-based assets.
At this point, the company plans to release the announcement with the details of the capital increase before resuming operations on March 31.
Conico last traded at 1.5 cents on March 28.