Chase Mining Corporation Ltd (ASX:CML) has entered a trading halt pending the release of an announcement around a proposed capital raising.
The company’s securities will remain halted until the earlier of the commencement of normal ASX trading on Thursday, January 21, 2021, or when an announcement is released to the market.
New substantial holder
Recently the company gained a new substantial holder in Syracuse Capital Pty Ltd which holds 5.76% of the company.
Perth-based Syracuse attained this status after acquiring 18,375,010 ordinary shares in the company between October 2, 2020, and January 8, 2021.
Queensland exposure
The company also recently gained exposure in North Queensland through a strategic investment in advanced exploration company Red Fox Resources Pty Limited.
Chase has invested $600,000 to become a 40% shareholder in Red Fox, giving it exposure to seven wholly-owned granted tenements (EPMs) covering 900 square kilometres in two highly mineralised districts and a pipeline of targets for discovery of Ernest Henry-style IOCG copper-gold, Tick Hill-style high-grade gold and, large Century and Broken Hill-style zinc-lead-silver deposits.