- Cirralto (CRO) has requested its shares be placed in back-to-back trading halts as it gears up for a capital raise
- The full details of the raise will be released later this week, with the trading halt to be lifted by August 14
- Cirralto recently announced it had begun processing payments through its new Spenda platform, aimed at supporting business to business (B2B) transactions
- The technology company also ended the June quarter with $273,000 in the bank, after burning $252,000 on operating costs
- Cirralto has access to $770,000 in unused finance facilities, meaning the company is funded to last another four quarters
- Shares in the company last traded for 1.3 cents per share
Technology company Cirralto (CRO) has requested its shares be placed in back-to-back trading halts by the ASX as it gears up for a capital raise.
The full details of the capital raise will be released later this week, with the trading halt to be lifted by August 14 at the latest.
The raise comes as the company recently announced it had begun processing $1.7 million through its new Spenda platform.
Cirralto, which offers a variety of payment solutions for business, said it expects this platform could eventually process $225 million in business to business (B2B) payments per month, with the company to net a small fee for every transaction.
In the meantime, Cirralto also announced it had ended the June quarter with $273,000 in the bank after burning $252,000 on operating costs.
The company has $1.04 million to spend though, with $770,000 in financing facilities still available to use.
This means Cirralto has enough money to keep running for another four quarters if its spending levels remain the same.
Before today’s two trading halts were implemented, shares in the company were trading for 1.3 cents per share on August 7.