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Adelaide Resources to raise capital

Adelaide Resources to raise capital

Adelaide Resources (ASX:ADN) has been granted an ASX trading halt in relation to a capital raising.

The halt will last until the earlier of the announcement being made or the commencement of trading on Thursday, 24th September 2015.

Yesterday, the company intersected 0.71 metres at 9.11 grams per tonne gold in initial shallow diamond drill holes at the South West Limey Dam prospect in the Drummond Basin, Queensland.

It is continuing drilling at its Drummond tenements.

In July, drilling at the Barns and Baggy Green prospects of its Eyre Peninsula gold project in South Australia returned results of up to 16 metres at 3g/t.

The company had $1.6 million in cash and deposits as at 30th June 2015.

 

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