Do you reckon Michael Bennet (writer) has lost a few buck as...

Do you reckon Michael Bennet (writer) has lost a few buck as well.

CLIVE Palmer's locally listed outfit Australasian Resources has slunk into a trading halt "regarding the finalisation of a proposed capital raising".

Palmer owns 66 per cent of the Perth-based miner, which is looking to develop the Balmoral South Iron Ore Project in the Pilbara.

The company was set to merge with Palmers Resource Development International that went into administration last year, but has since fallen in the background as Palmer touted, and then delayed, his troubled $US3 billion float of Resourcehouse.

The word around Perth is a raising in the tens of millions is likely to be revealed by Monday following a recent roadshow to investors in Australasia.

But details are scant given the majority of brokers covering the stock havent published a note since 2007.

Australasian did say in its December quarter report it was in progressed discussions with a number of parties in Asia, including China, that have an interest in the Balmoral South project.

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The company is working towards concluding negotiations in the first half of 2010 to secure strategic investors and funding to commence project development in 2010, the company said.

In its 2009 annual report, which included around a $13 million loss, Australasian flagged a going concern due to a working capital deficiency of $3.88m.

Included in the deficiency was an $8.8m provision which has since been overturned.

But Australasian still had just a little more than $5m in cash at the end of June last year and no banking facilities to draw upon.

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