RESOLUTION Minerals has called a trading halt, pending the release of an announcement.
The trading halt will remain in place until normal trading commences on Tuesday, February 20, or otherwise announced.
The company is reportedly in a bid to raise $4.55m through a placement of 91m shares priced at 5¢ a share, representing a 23pc discount to Resolution’s 6.5¢ last close.
The fundraising will go toward progressing the drilling program at Resolutions 64 North Project located in Alaska’s Tintina gold province.
In December last year, Millrock Resources executed a definitive Option to Joint Venture agreement with Resolution concerning the 64North gold project, previously named the Goodpaster project.
The legal due diligence period was successfully completed with Resolution providing a $744,500 exploration advance.
The agreement with Millrock included field recovery of diamond core from ER and E1 Prospects, relogging and extended assaying of historic poorly sampled intervals.
Results are due in batches throughout the first quarter of 2020.
Final planning for the initial 2020 drill program is intended to commence early March this year.
Resolution Minerals managing director Duncan Chessel said the opportunity for Resolution shareholders to be drilling only a stone’s throw from Northern Star’s operating high grade Pogo Gold Mine lease was created by a unique set of circumstances that a junior is rarely able to grab.
“Quick action from our team combined to give Resolution and our shareholders this opportunity,” he said.
