Nevada Iron has been granted a trading halt by the ASX pending the release of capital raising details, with the company's shares placed in pre-open.

Nevada has not yet indicated where the potential new funds will be allocated, but the company has recently been discovering high grade near surface iron ore at the Buena Vista Project in Nevada.

First assays from current drilling earlier in the month delivered up to 53% iron mineralisation from the Section 5 deposit.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 3rd August.

Source - Proactive Investors

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