- Emyria (EMD) ends the week in a trading halt pending a proposed strategic placement
- The company will remain in the halt until November 23 or when more details are released, whichever occurs first
- Emyria last tapped investors for cash in April 2021 when it undertook a $5 million placement for its drug development pipeline
- The funds were raised through the issue of 28.57 million new ordinary shares to sophisticated and strategic investors at 17.5 cents
- Shares in Emyria last traded at 32.5 cents on November 18
Emyria (EMD) has ended the week in a trading halt pending a proposed strategic placement.
The company will remain in the halt until November 23 or when more details are released, whichever occurs first.
Emyria is yet to disclose how much it intends to raise or what it will use funds for once received.
In its September quarterly, Emyria revealed it had burnt through more than $1.87 million with the majority going towards administration and corporate costs.
The company also invested $187,000 in its intellectual property and its property, plant and equipment.
As of September 30, Emyria had more than $4.47 million in total available funding, representing 2.4 quarters of use if spending levels remain the same.
Emyria last tapped investors for cash in April 2021 when it undertook a $5 million placement for its drug development pipeline.
The funds were raised through the issue of 28.57 million new ordinary shares to sophisticated and strategic investors at 17.5 cents.
Investors also received one free attaching unlisted option for every two shares subscribed for, exercisable at 35 cents with an expiry date of two years from issue.
Emyria stated it would use the funds to advance a number of its initiatives related to its drug development pipeline.
Shares in Emyria last traded at 32.5 cents on November 18. The company has an $82.57 million market cap.