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Millennium Minerals granted voluntary suspension pending capital raising details

Millennium Minerals (ASX: MOY) has been granted a voluntary suspension that the company expects to last for no more than three trading days, pending an announcement on a future capital raising.

Millennium is currently progressing the 1.25 million gold ounce Nullagine Gold Project, with RM Research noting in a research report released earlier in the month, together with A$16.5 million in cash, A$35 million syndicated debt facility and a A$10 million lease facility, Millennium requires a further A$25 million in equity to enable project construction to commence.

RM Capital said they anticipate substantial resource upgrades in the near term, and subsequently rated Millennium as a BUY with a $0.08 price target.