AXG Mining (ASX:AXC) is heading to market with a capital raising.
The ASX has granted the company a trading halt this morning, with its shares placed in pre-open.
In the March quarter 2014 the company exercised an option to acquire a 100% interest in the Mt Ridley Exploration Licence (E63/1547) situated in the Fraser Range of Western Australia.
Consideration for the acquisition was the issue of approximately 35.7 million fully paid ordinary shares in AXG Mining.
The company continues to hold options over two additional tenements in the area.
The halt will remain in place until the opening of trade on Tuesday 29th July 2014, or earlier if an announcement is made to the market.
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