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The company has been granted a trading suspension until Monday, August 2, 2021 or when an announcement is posted to the market.
Poseidon Nickel Ltd (ASX: POS, OTC: PSDNF, FRA: NYG1) has been granted a halt in trading by ASX pending the publication of an announcement regarding a fundraising proposal.
The stop will remain in place until regular trading begins on Monday, August 2, or until an announcement is posted to the market, whichever occurs first.
The shares last traded at A $ 0.135, while the company’s market cap is around A $ 379.3 million.
Positive results
The company recently delivered another round of positive interpretations of the Golden Swan trend to the very promising Black Swan project in Western Australia.
Other nickel sulphide intersections were observed during drilling in the Golden Swan Corridor, including:
- A 4.2 meter nickel sulfide interval comprising 0.8 meter of massive sulfides and 3.4 meters of matrix and string sulfides.
- A 5.1 meter sulphide interval comprising 3 meters of massive and matrix sulphides followed by 2.1 meters of stringer and coarse blebby sulphides.
Resource definition drilling
Poseidon chief executive and CEO Peter Harold said the latest results continued to paint an attractive picture of the Golden Swan trend.
He said, “Drilling continues on the resource definition program at Golden Swan with what appears to be another high grade intersection completed, assays pending.”
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