Stratum Metals will soon release news regarding a capital raising and an update on an acquisition, with the company granted a trading halt by the ASX.
The company previously signed a Binding Heads of Agreement with two separate consortia bringing together 54 tenements, including 2 mining licences, in the East Menzies Goldfield of Western Australia under the one group.
Following initial due diligence work Stratum has lodged applications for a total of 14 prospecting licences and one exploration licence located east of the township of Menzies.
The applications cover an area of geology interpreted to include a greenstone package, granitoids and the Moriarty Shear Zone.
Some of this area has been the focus of past exploration, however with most of the area under Cenozoic aged cover it appears exploration has been limited.
In order to progress the Menzies consolidation and move to production Stratum previously indicated it would raise up to AUD 5 million through current shareholders, brokers and strategic investors (domestic & international).
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on December 27th 2012.
