- African Energy Resources (AFR) enters a trading halt to undertake a capital raise
- The energy stock is also finalising a joint venture agreement but hasn’t disclosed who with
- AFR has an existing joint venture deal with First Quantum Minerals as well as a complete ownership of two Botswana-based projects
- The company expects to remain in the trading halt until no later than Tuesday, August 17
- Company shares last traded at 2.5 cents on Thursday, August 12
African Energy Resources (AFR) has entered a trading halt to undertake a capital raise.
The energy stock also announced it will finalise a joint venture (JV) agreement however no other details on the capital raise or JV have been disclosed.
African Energy Resources owns a 100 per cent interest in two coal projects in Botswana. It also has an existing joint venture deal with First Quantum Minerals (FQM). This JV was formed in 2014 for the Sese Project which AFR owns a 33.3 per cent stake in and the other 66.7 per cent is owned by FQM.
The company was also recently granted five tenements in Western Australia and the company is undertaking field work at two project areas during this quarter.
In the three months ending June 30, the company spent $213,000 on operating activities and generated $101,000 from investments.
At the end of the June quarter, AFR had around $1.1 million in cash and an estimated 5.2 quarters left of available funding.
African Energy Resources expects to remain in the trading halt until no later than Tuesday, August 17.
Company shares last traded at 2.5 cents on Thursday, August 12.