Top End Minerals Ltd (ASX:TND) has confirmed that the company will focus on mineral exploration, with shares in the company to resume trading at the open on Friday 22nd July 2016.
Top End said that as a result it has terminated the proposed acquisition of Bright LED Ltd, and has no current plans to look at acquisitions outside the area of its mineral exploration business.
Project portfolio
An MMI-M™ soil geochemical sampling program was conducted at the company’s flagship project, the Arnhem Land Base Metals Project.
Over 100 samples comprising 4 orientation lines were sampled over the previously defined gravity anomaly and rock chip sample zinc-lead results at the Mainoru Prospect.
Over 250 infill grid samples were also taken and were to be submitted pending positive results from the initial 4 orientation lines.
The majority of the company’s exploration licences are held under application and are located on Aboriginal Land.
Funding
Top End added that it is printing a notice of general meeting for the purpose of obtaining approval to raise further capital to fund its proposed exploration activities and for working capital.
The raising will be circa $1.2 million plus further funds from a potential placement of 100 million shares at an issue price of the ordinary shares based on at least 80% of the average market price for the ordinary shares.
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