- Eden Innovations (EDE) places its shares in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Monday, August 8, or until the announcement is released, whichever occurs first
- In the June quarter, Eden burnt through $2.34 million with the majority going towards staff, product manufacturing and operating costs
- As of June 30, the company had $1.53 million in total available funding, representing 0.66 quarters of use if spending levels remain the same
- Shares in Eden last traded at 0.9 cents on August 2
Eden Innovations (EDE) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Monday, August 8, or until the announcement is released, whichever occurs first.
Eden is yet to disclose how much it intends to raise or what it will use the money for once received.
In the June quarter, Eden burnt through $2.34 million with the majority going towards staff, product manufacturing and operating costs. The company also invested $1000 in its property, plant and equipment.
As of June 30, the company had $1.53 million in total available funding, representing 0.66 quarters of use if spending levels remain the same.
This didn’t faze Eden though as the company expects the deficit in net operating cash flows to decrease in the upcoming quarters due to increased sales and sales receipts.
Eden Innovations created the EdenCrete and EdenCrete Pz products which are used in a range of concrete applications to improve the strength of the structures.
EdenCrete is a carbon nanotube mixture that is used to improve the tensile and flexural strength of concrete without compromising corrosion and strength resistance.
Once added to the concrete mixture, the nanotubes fill the microscopic spaces between the cement particles. This does not leave any openings, allowing no water to get in.
EdenCrete Pz is designed to improve the strength and durability in mixes by using pozzolans, a combination of siliceous and aluminous material, to replace cement.
Shares in Eden last traded at 0.9 cents on August 2. The company has a $22.42 million market cap.