What Is Happening to S2 Resources Share Price?
Shares in S2 Resources [ASX:S2R] have soared recently. They are up 96.5% from the close on 14 June to yesterday. They are now trading at 57 cents, having opened at 15 cents in 2016.
S2 Resources is a gold and base metals explorer operating in Western Australia and Scandinavia.
Why Did This Recent Rise Happen to S2 Resources Shares?
On 21 July the company announced it had intersected high grade gold mineralisation at its ‘Monsoon’ prospect in Western Australia.
Later it announced it had raised a further $9.1 million dollars from institutional and sophisticated investors to accelerate its drilling and exploration program.
A share purchase plan for eligible shareholders will raise up to $3 million. This will give the company $27 million in cash to explore its prospects within its Polar Bear project.
What Now for S2 Resources?
The company will continue drilling and testing its various prospects in Western Australia and Scandinavia. Any further positive news will be a catalyst to send the share price higher.
S2 Resources remains an interesting stock to watch for further developments and news flow.
Editor, Markets and Money