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Syndicated Metals in pre-open pending capital raising announcement

Syndicated Metals (ASX: SMD) has been granted a trading halt by the ASX pending the release of a proposed capital raising, with the company's shares placed in pre-open.

Syndicated has not yet indicated where the potential capital injection will be allocated, but the company is currently in a very interesting position.

Just last month the company delivered a maiden JORC Resource at the Blue Star and Green Zone deposits within its Mount Remarkable Project in Northwest Queensland.

Blue Star's Inferred Resource is 177,000 tonnes at 2.31% copper and 0.27 grams per tonne (g/t) gold for 4,100 tonnes of copper and 1,520 ounces of gold, while Green Zone's Inferred Resource is 430,000 tonnes at 0.9% copper for 3,860 tonnes of copper.

Syndicated controls tenements covering an area of over 4,000 square kilometres in the Mount Isa region. Blue Star and Green Zone are both located within the Leichhardt joint venture tenements with Mount Isa Metals (ASX: MET), where Syndicated holds 51% and management.

The halt will last until the earlier of the announcement being made to the market or the opening of trade on Friday 25 November.