Resolute Mining in trading halt

Shares in Perth-based Resolute Mining Ltd have been placed in a trading halt as the company assesses its ambitious $51 million capital raising.

Earlier this month, the stock unveiled revised plans to raise the funds through a one-for-three non-renounceable rights issue at 55 cents each, with Patersons Securities appointed as lead manager.

Originally the company planned a one-for-five raising at an issue price of $1.10 each to raise $51 million.

Funds raised were to go towards the development of its Syama gold project in Africa.

Shares in Resolute last traded at 48c.