Katoro Gold PLC (AIM:KAT) dropped by a quarter as the Aim-listed mining junior indicated it needs to raise cash by the end of the month.
Available cash reserves were around £25,000 on 30 June 2023 and the company expects these to run out by approximately the end of September, adding it is relying on completing a fundraise by that date to fund its ongoing working capital.
Directors' salaries are being deferred in the short term, it said, while it looks for funding through either a capital placing; credit loan notes; the exercise of outstanding warrants or getting a letter of support from shareholder Kibo Energy.
Shares fell 23% or 0.02p to 0.07p.