- Specialist resources services provider Babylon Pump & Power (BPP) enters a trading halt while it finalises details on an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Thursday, June 9, or when further details on the raise is released to the market
- On the market, BPP shares last traded at 0.9 cents
Babylon Pump & Power (BPP) has entered into a trading halt while it finalises details on an upcoming capital raise.
The company hasn’t said how much it is looking to raise or where the money will be spent but the details are expected by Thursday, June 9, which is when BPP expects to come out of the halt.
Babylon is a pumping equipment and service which is focused on the oil and gas and mining sectors.
In May, the company appointed James Cullen as Non-Executive Chairman, a highly experienced executive.
Over the past 27, years Mr Cullen has served as the CEO of three successful ASX listed mining service companies.
He is also a board member of Guide Dogs WA and Ear Science Institute Australia.
On the market, BPP shares last traded at 0.9 cents per share on June 6.