- Emperor Energy (EMP) enters a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until February 3 or when the announcement is released, whichever occurs first
- In its December quarterly, Emperor Energy announced it had burnt through $411,000 in the quarter with the majority going towards exploration and evaluation
- As of December 31, Emperor Energy had $294,000 in total available funding, representing 0.72 quarters of use if spending levels remain the same
- Shares in Emperor Energy last traded at five cents on January 30
Emperor Energy (EMP) has entered a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until February 3 or when the announcement is released, whichever occurs first.
Emperor Energy is yet to disclose how much it intends to raise or what it will use the funds for once received.
It its December quarterly released yesterday, the company announced it had burnt through $411,000 in the quarter with the majority going towards exploration and evaluation.
As of December 31, Emperor Energy had $294,000 in total available funding, representing 0.72 quarters of use if spending levels remain the same.
This didn’t faze Emperor Energy as it announced it will raise funds when the board believes it is in shareholder interest.
Emperor Energy last tapped investors for cash in June 2021 when it undertook a $1 million share placement.
The funds were raised through the issue of 33.33 million shares to professional and sophisticated investors at three cents.
Emperor Energy stated it would use the funds to strengthen its balance sheet and provide funding for exploration activities.
Shares in Emperor Energy last traded at five cents on January 30. The company has a $9.33 million market cap.