- East 33 (E33) enters a trading halt ahead of an upcoming capital raise
- Trading of E33 shares will be paused until Tuesday, by which time the company would have released further details into the money it is looking to raise
- Whilst it is not yet known exactly where the funds will be directed, the company flagged its goals to develop its operations in financial year report
- This includes advancing its breeding program, additional infrastructure, and enhancing oyster processing capabilities
- Shares in E33 last traded at 4.2 cents each
East 33 (E33) has entered a trading halt ahead of an upcoming capital raise.
Trading of E33 shares will be paused until Tuesday, by which time the company would have released further details into the money it is looking to raise.
The company is a producer and supplier and rock oysters in Australia.
Whilst it is not yet known exactly where the funds will be directed, the company flagged its goals to develop its operations in financial year report.
This included advancing its breeding program, additional infrastructure, and enhancing oyster processing capabilities.
Over the 12-month period, the company saw growth in production, revenue, gross profit margins, and positive earnings before interest, tax, depreciation and amortisation.
Additionally, East 33 worked to strengthen its balance sheet, after it completed a NAB senior debt restructure and sold a property for $750,000.
The company finished FY22 with cash and cash equivalents of $3.41 million.
Shares in E33 last traded at 4.2 cents each.