Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Oro Verde To Announce Capital Raising Details, Placed In Pre Open

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

Oro Verde has not yet indicated where the potential capital injection will be allocated, but it is worth noting that the company is currently drilling at the Chuminga Copper Gold Project in Chile.

The Chuminga Project, in which Oro Verde holds a 20% interest, has an exploration target of 50 to 60 million tonnes of between 1% and 1.1% copper, 0.3 to 0.4 grams per tonne gold and 0.5 to 1% zinc, suitable for bulk mining.

The halt will remain in place until the earlier of an announcement being made to the market, or the opening of trade on Monday 5 March.