- Brookside Energy (BRK) has begun the week in a trading halt as the company gets ready to execute a capital raise
- The company’s securities will remain in a trading halt until February 10, unless it releases the fundraising announcement early
- BRK hasn’t stated what the funds will be used for, however, the company did recently reveal it ended the December quarter with $1.25 million in cash
- The energy stock burnt through $488,000 during the same period, meaning it had enough money in the bank to keep going for another 2.56 quarters
- BRK also announced recently that its joint venture project with Stonehouse Energy (SHE), the Thelma Well in the U.S., sold a second shipment of oil
- Shares in Brookside Energy last traded for 0.8 cents each
Brookside Energy (BRK) has begun the week in a trading halt as the company gets ready to execute a capital raise.
The company’s securities will remain in a trading halt until Wednesday, February 10, unless it can release the fundraising announcement early.
At this stage there’s no confirmation on how much Brookside is planning to raise or what then money will be spent on.
However, the energy stock’s recent quarterly report shows BRK ended December with around $1.25 million worth of cash.
That’s enough money to keep the company going for another 2.56 quarters, after it burnt through $488,000 on operating expenses during the period.
Since it released its quarterly, Brookside has also announced another sale from the Thelma Well joint venture (JV) with Stonehouse Energy (SHE).
The two businesses reported 300 barrels on oil were sold in late January and that work is continuing on the additional 40 acres acquired next to Thelma in the U.S.
Notably, Brookside’s JV partner also entered a trading halt today pending the release of a capital raising announcement.
Before today’s trading halt, shares in Brookside Energy last traded for 0.8 cents each on Friday, February 5.