- Armour Energy (AJQ) has entered a trading halt while it inks out the details of an upcoming capital raise
- The company will remain in the halt until March 18 or when an announcement is released
- On March 12, Armour Energy executed a share sale agreement with Auburn Resources for the sale of all its issued capital in Ripple Resources
- For its 100 per cent transfer of Ripple to Auburn, Armour will receive 5.6 million fully-paid ordinary shares in Auburn
- This agreement will give Armour a 12.5 per cent interest in Auburn, a company in the process of investigating a potential ASX listing
- Shares in Armour Energy last traded at 4 cents on March 12
Armour Energy (AJQ) has entered a trading halt while it inks out the details of an upcoming capital raising.
The company will remain in the halt until March 18 or when an announcement is released.
Armour Energy is yet to disclose how much it intends to raise or what it will use the funds for once received.
On March 12, Armour Energy executed a share sale agreement with Auburn Resources for the sale of all its issued capital in Ripple Resources.
For its 100 per cent transfer of Ripple to Auburn, Armour will receive 5.6 million fully-paid ordinary shares in Auburn.
This agreement will give Armour a 12.5 per cent interest in Auburn, a company investigating a potential ASX listing.
Armour last tapped investors for cash in June 2020, asking investors for nearly $10 million for its Kincora Gas Project in Queensland.
The funds were raised through two share placements and an entitlement offer with all shares priced a 2.3 cents.
Participants also received one attaching option for every two shares purchased, exercisable at 5 cents by the end of February 2024.
Shares in Armour Energy last traded at 4 cents on March 12. The company has a $51.03 million market cap.