- BMG Resources (BMG) has been placed in two consecutive trading halts while it plans and executes a capital raise
- The halt will be in place until August 17 or when an announcement is made to the market
- At this point, there is no additional information about how much the company wants to raise or where the funds will go to
- BMG last entered a trading halt in early June and raised just over $172,000 with the money going to working capital
- Shares in BMG last traded for 0.7 cents each on August 10
BMG Resources (BMG) has been placed in two consecutive trading halts while it plans and executes a capital raise.
The halt will be in place until August 17 or when an announcement is made to the market.
At this point, there is no additional information such as how much will be raised or where the funds will go to.
Throughout the June quarter, BMG burnt $132,000 with the majority going to staff, administration and corporate costs.
As of June 30, the company had $280,000 available, meaning it has just over two-quarters worth of funding left if its operational spend remains the same.
This is slightly better than the March quarter, when BMG had $234,000 in total available funding — representing just over one-quarters worth of capital to cover expenditure.
BMG last entered a trading halt in early June and raised $172,670 for working capital.
This money was raised through the issue of more than 86 million fully paid ordinary shares to qualified, professional, and sophisticated investors at a price of 0.2 cents each.
Shares in BMG last traded for 0.7 cents each on August 10.