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Radar Iron in pre-open pending capital raising announcement

Radar Iron (ASX: RAD) has been granted a trading halt by the ASX pending the release of details surrounding a proposed capital raising, with the company's shares placed in pre-open.

Radar is currently in a very interesting position, and just last week received some positive news from independent geophysical consultants.

The consultants identified an exploration potential at the company's Die Hardy of a primary magnetite banded iron formation of 0.83 to 1.38 billion tonnes at 25% to 35% iron.

Providing another boost, the magnetic data also highlighted new untested magnetic units within 1 kilometre to the north and south of the main magnetite ridge, both with strike lengths of around 2 kilometres, with only the northern unit being included in the estimate of exploration potential.

The halt will last until the earlier of the announcement being made to the market, or the open of trade on Monday 24 October.