Nyota Minerals runs down cash from share placing, tenements sale

Nyota Minerals said its cash position was little changed at the end of the latest quarter despite its most recent share placing and after the sale of its residual tenements, even as the company continued to search for a viable business after an attempted cash call fell through.

AIM-listed Nyota reported cash and cash equivalents on hand of approximately AUD$57,000 at the end of the three months to 30 June 2017, down from AUD$58,000 at the end of the previous quarter.

Yet during the period the company had raised proceeds of $97,000 from issue of shares via the placement announced on 4 May, alongside approximately AUD$19,000 from the sale of its residual tenements.

Significantly, an agreement for further funding reached with Peterhouse Corporate Finance floundered after the company failed to secure the necessary approval from its shareholders at its 3 July general shareholders' meeting.

Following that failure, Peterhouse resigned as the company's broker, effective 17 August.

Nonetheless, the board said it remained committed to finding a viable new business for the company in order to secure long term value for shareholders.

As of 1324 BST, shares of Nyota were down 5.88% to 0.04p.