Copper miner Anvil Mining has called a trading halt while its stockbrokers seek to obtain subscriptions for a C$30 million (A$34 million) capital raising.
Anvil, which is listed on the Australian and Toronto stock exchanges, said it has appointed Paradigm Capital and BMO Capital Markets as joint book runners for the proposed capital raising.
"Although the size and pricing of the offering have not yet been determined, the company expects to raise gross proceeds of approximately C$30 million," Anvil said in a statement.
In its request for a trading halt, Anvil added that "the transaction is pending the outcome of efforts by brokers to obtain sufficient subscription to the offering".
It called the trading halt owing to the pending nature of the transaction, the size of the proposed issue being approximately one third of Anvil's issued and outstanding shares, and following discussions with the TSX.
Anvil operates the Kinserve copper project in Africa, and has been hit by falling copper prices.
