- Emu (EMU) enters a mid-week trading halt pending the release of an equity raising announcement
- The resources company will remain in the halt until Friday, October 7, or when the announcement is released to the market
- In its recently-released annual report, Emu reported $22,921 in revenue for the year ending June 30, 2022, down from $52,719 in the prior corresponding period
- The company also reported a loss after income tax of $3.32 million and ended the year with $784,956 in cash and cash equivalents
- Shares in Emu last traded at 0.8 cents on September 23
Emu (EMU) has entered a mid-week trading halt pending the release of an equity raising announcement.
The resources company will remain in the halt until Friday, October 7, or when the announcement is released to the market.
Emu is yet to disclose how much it intends to raise or for what it will use the funds once received.
In its recently-released annual report, Emu reported $22,921 in revenue for the year ending June 30, 2022, down from $52,719 in the prior corresponding period.
The company reported a loss after income tax of $3.32 million, down from $5.88 million from the same time last year.
As of June 30, Emu had $784,956 in cash and cash equivalents.
Emu last tapped investors for cash in November 2021 when it undertook a $2 million placement to sophisticated and professional investors.
The funds were raised through the issue of around 83.3 million fully-paid ordinary shares at a price of 2.5 cents each.
Emu stated it would use the money to support exploration activities, drilling, project acquisitions and working capital.
Shares in Emu last traded at 0.8 cents on September 23. The company has a $4.39 million market cap.