- BPH Energy (BPH) has placed its securities into a trading halt as it gets ready to raise more capital
- The fundraise comes despite the company ending the December quarter with $2.35 million in the bank
- That’s enough money to keep the business going for another 15.3 quarters if its spend rate remains the same
- BPH burnt through $154,000 on operating costs over Q2 FY21, with the majority of that cash going towards administration and corporate costs
- Shareholders will have to wait until Wednesday, February 3, to find out why the company is raising more funds
- BPH shares will remain in a trading halt until then, with shares last trading at 17 cents each
BPH Energy (BPH) has placed its securities into a trading halt as it gets ready to tap investor for more capital.
The fundraise comes despite the resources and biotechnology company ending the December quarter well funded.
In a recently released quarterly report, the business revealed it ended Q2 FY21 with $2.35 million in the bank.
The materials stock also burnt through $154,000 on operating expenses, with the majority of those funds going towards administration and corporate costs.
At that rate of spending, BPH has enough cash in the bank to keep it going for another 15.3 quarters.
At this stage, the company hasn’t disclosed what it’s planning to do with the fresh capital.
However, BPH shareholders can expect more details to be released on or before Wednesday, February 3.
Shares in BPH Energy will remain locked in a trading halt until that date, with shares last trading for 17 cents each on Friday, January 29.