LONDON (Alliance News) - Kolar Gold Ltd on Tuesday said it notes the increase in its share price together with the higher than average number of shares being traded.
Kolar shares closed up 40% at 1.50 pence on Tuesday.
Kolar said it knows of no reason for the price increase and higher trading volume.
In its last trading update in March, Kolar announced that it plans to pursue new opportunities aligned with its strategy which it can develop in parallel with its gold exploration and development interests.
The company also announced that it is seeking opportunities to raise further capital in order to develop these opportunities in conjunction with its interests in Geomysore Mining Services (India) Private Ltd.
"Since that time, the company has held discussions with a number of parties and these discussions are continuing. Further announcements will be made at the appropriate time," Kolar said in a statement on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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