- Norwegian battery metal explorer Kuniko halts business amid plans for capital raise
- The company has not disclosed how much it will raise or how the money will be spent once received.
- However, Kuniko has several exploration programs planned across its Scandinavian asset portfolio, including an inaugural drilling program at the Skuterud project starting next week.
- At the end of March, Kuniko had $4.9 million in cash and there were approximately 5.6 quarters of funding remaining.
- Shares of the company last traded at $1.15 on April 28
Kuniko (KNI) has suspended its shares as it plans and carries out a proposed capital increase.
Kuniko is a Norway-based explorer focused on developing copper, nickel and cobalt projects in Scandinavia. He has also broadened his interests to include perspectives for both batteries and tech metals.
The company did not disclose any details about the fundraiser, such as how much can be raised or how the funds will be spent.
Kuniko recently released its quarterly report for the three months ending March 31 in which it details exploration activities undertaken on the Skuterud, Ringerike, Nord-Helgeland, Vangrøfta, Undal-Nyberget and Feøy projects.
The company also announced that a first diamond drilling program would begin at the Skuterud cobalt project to test for the presence of conductors at three prospects. Drilling will begin on the Norway-based project on May 2.
In addition, the Materials Stockpile will undertake two further rock and soil geochemical sampling programs at Skuterud during the June quarter, as well as sampling and mapping work at the Ringerike Project.
Kuniko will also begin a pegmatite sampling program at Nord-Helgeland technology metals project in early June and this will be carried out in conjunction with a geochemical sampling program on the Undal-Nyberget project.
At the end of March, Kuniko had $4.9 million in cash and an outstanding loan balance of $594,000 with Vulcan Energy Resources. It has approximately 5.6 quarters of funding remaining.
It’s unclear whether the next cash injection will go to exploration activities, but details will be revealed when the company emerges from the trading halt by May 3.
Shares of the company last traded at $1.15 on April 28.