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Kogi Iron in trading halt ahead of capital raising news

The trading halt will remain until Thursday, November 21, or when an announcement is made to market.

Kogi Iron Ltd - Kogi Iron is in trading halt ahead of capital raising news
Kogi aims to become a producer of cast steel products through its Agbaja Cast Steel Project

Kogi Iron Ltd (ASX:KFE) has been granted a trading halt by the ASX with a capital raising announcement pending.

The halt will remain in place until the beginning of normal trade on Thursday, November 19, or when an announcement is made, whichever occurs earliest.

KFE's shares last traded at 4.7 cents after reaching 6 cents on November 6.

The company has a market cap of approximately $31.2 million.

Agbaja BFS progress

KGE intends to undertake a bankable feasibility study (BFS) at the Agbaja Cast Steel Project in Nigeria, and would like to have results by the end of 2020 to support equity funding and financing for the project.

In August, the company had been handed a review on capital and operating costs for the project which was conducted on test work by Tenova.

The review demonstrated that under pilot plant conditions the Kogi Iron ore was successfully able to be converted to a steel grade suitable to make quality steel bullets.

Quick facts: Kogi Iron Ltd

Price: 0.03 AUD

ASX:KFE
Market: ASX
Market Cap: $23.2 m
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