Walkabout Resources Ltd (ASX:WKT) has been granted a trading halt by the ASX pending news of a capital raising.
The halt will remain in place until the commencement of normal trading on Friday, October 5, 2018 or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 14.5 cents at market close on Tuesday.
READ: Walkabout Resources boosts UK base metals and gold prospects through Scottish acquisition
Earlier this week the company announced the acquisition of three highly prospective exploration licences in southwest Scotland, along trend from its Northern Ireland properties.
The acquisition is part of a farm-in agreement with private exploration company JDH Exploration covering 746 square kilometres of highly prospective ground for precious and base metals.
They lie along a large trend, related to the Caledonian Orogeny, which can be traced from the eastern seaboard of North America, through Northern Ireland and Scotland and into eastern Greenland and parts of western Scandinavia.
READ: Walkabout Resources identifies multiple targets for drilling in Northern Ireland
Walkabout’s exploration strategy in this region is to assemble a compelling portfolio of prospective exploration titles over prospective geological trends.
In Northern Ireland, the company has identified multiple targets for drilling at the Tyrone licence from a SkyTEM electromagnetic airborne survey.
These targets fit in well with Walkabout’s volcanogenic massive sulphide (VMS) exploration model supported by soil geochemistry and underlying structures.
READ: Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project
The company has recently received a mining licence for its flagship Lindi Jumbo Graphite Project in Tanzania.
Appointment of the pre-selected project partners has advanced to the stage of legal agreements and final scopes of works while construction plans are well advanced across the range of primary and secondary level construction partners.
Walkabout has also engaged a project manager to manage the coordination and project interface detail between the partner contractors.