Alliance Mineral
Alliance Mineral Assets. Alliance Mineral website

Alliance Mineral Assets, an explorer and excavator of minerals, on Wednesday requested for a trading halt pending the release of an announcement.

The company said it would update on the binding term sheet, subscription agreement and letter of variation entered with Burwill.

Alliance Mineral, last month, entered into a deal with Hong Kong-based Burwill Holdings' unit to place A$19.6 million of shares after auditors flagged uncertainty about the mining firm's ability to operate as a going concern.

The company need to raise additional funds during the quarter ending December 31 to enable it to meet its planned capital expenditure and working capital requirements.

Its auditor Ernst & Young have already raised doubt about the Perth, Australia-based Alliance Mineral's ability to continue as a going concern, if it is unable to raise more funds.

The auditor flagged a pre-tax loss of A$4.80 million (S$5,119,580) for fiscal 2017, and A$4.08 million for fiscal 2016.

Shares in the company were down 2.7 percent at S$0.36 on the Singapore Exchange prior to the halt. The company has a maket capitalisation of about S$196 million.