Matador Mining Ltd (ASX:MZZ) is in a trading halt ahead of an announcement in regard to a material capital raising.
The trading halt will remain in place until the beginning of normal ASX trade on Wednesday, July 8, or when an announcement is released to the market, whichever occurs earliest.
Shares in the gold explorer last traded at 32 cents and have been climbing steadily from 9.5 cents at the close on March 23.
Director purchase
Executive chairman Ian Murray has shown his confidence in the company's gold strategy with the purchase of 1 million shares on July 1 as approved by shareholders at a general meeting held on June 5.
This transaction valued at $200,000 was the chairman's initial purchase of fully paid ordinary shares in the company.
Board changes
On June 2, the company strengthened its team with geological expertise by appointing Justin Osborne as a non-executive director.
Osborne has had a highly successful career as a gold specialist highlighted by his role in the discovery and development of the newly operating Gruyere Gold Mine with Gold Road Resources Ltd (ASX:GOR).
At Gold Road, Osborne was an integral part of the team that drove the company from discovery to a successful gold producer and ASX 200 company with a market capitalisation of more than $1.5 billion.
His role at Gold Road included direction and oversight of all technical aspects of brownfields and greenfields exploration, resource development and study activity during the discovery and feasibility phases of the Gruyere Gold Project, and Steering Committee member through the construction and commissioning.