Middle Island Resources (ASX: MDI) 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.
Middle Island has not yet indicated where the potential funding injection will be allocated, but the company has ongoing exploration projects in Liberia, Burkina Faso and Niger.
The company currently has six drill rigs assessing five targets on three projects as it aggressively pursues its minimum resource objective by December 2012.
Middle Island is targeting a 1.1 million ounce resource base within two years on at least one project.
The halt will last until the earlier of the details being made available to the market, or the opening of trade on Tuesday 6 March.