Ram Resources granted voluntary suspension, capital raising announcement later today

Ram Resources (ASX: RMR) has been granted a temporary suspension by the ASX, pending the release of details surrounding a proposed capital raising.

The company said that the announcement is anticipated to be no later than close of business today, 29 August 2011.

Ram is currently in a very interesting phase, and earlier in the month announced that an application for exploration licence 2011/24 had been granted by the Bureau of Mines & Petroleum in Greenland.

This allows the company to explore a new area of 568 square kilometres at the Motzfeldt multi-element project.

The licence has been granted for an initial term of five years and has previously only been lightly explored by Greenland Geological Survey.

It surrounds exploration licence 2010/46, which is held by the company’s 51% owned subsidiary, Greenland Resources Limited.

Ram is also aiming for a maiden Inferred JORC Resource in the new drilling campaign at Motzfeldt which will include up to 19 diamond holes for around 3200 metres - targeting the Aries Prospect where historic drilling concentrated on the centre line of the mineralised zone.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19051/ram-resources-granted-voluntary-suspension-capital-raising-announcement-later-today-19051.html