Join our daily newsletter At The Bell to receive exclusive market insights
- Red Sky Energy (ROG) has been placed in two consecutive trading halts while it considers, plans and executes a capital raise
- The company will remain in the halts November 6 or when the announcement is made
- Additionally, this capital raising will be conducted in tandem with the acquisition of resources and development tenure
- As of September 30, Red Sky had $94,000 in funding available, meaning it could only continue to fund operations for just half a quarter
- Despite this, the company will rely on its existing cash reserves and future capital raises to fund current and upcoming activities
- Shares in Red Sky have been trading for 0.2 cents since October 26
Red Sky Energy (ROG) has been placed in two consecutive trading halts while it considers, plans and executes a capital raise.
The company will remain in the halts November 6 or when the announcement is made.
Additionally, this capital raising will be conducted in tandem with the acquisition of resources and development tenure.
In its September quarterly, Red Sky spent $221,000 with the majority going towards administration, corporate and staff costs, and exploration and evaluation.
As of September 30, Red Sky had $94,000 in funding available, meaning it could only continue to fund operations for just half a quarter.
Because of this, Red Sky said it will rely on its existing cash reserves and future capital raises to fund current and upcoming activities.
Red Sky also used the September quarter to plan a gas well for the Innamincka Project and announce its intention to re-enter the Gold Nugget Gas Field.
Shares in Red Sky have been trading for 0.2 cents since October 26.
