Ram Resources (ASX: RMR) has been granted a trading halt by the ASX pending the release of details surrounding a proposed capital raising, with the company's shares placed in pre-open.
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/18959/ram-resources-in-pre-open-pending-capital-raising-announcement-18959.html
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