- Cleantech developer Environmental Clean Technologies (ECT) has placed its shares in a trading halt ahead of an upcoming capital raise
- The planned raise comes some months after ECT revealed it had less than a quarter’s worth of cash and equivalents available as per its Appendix 4C from January this year
- The trading halt is expected to be lifted on April 7 when further details regarding how much Environmental is seeking and for what purpose, is revealed
- Prior to the trading halt, Environmental Clean Technology last traded at 0.2 cents per share
Cleantech developer Environmental Clean Technologies (ECT) has placed its shares in a trading halt ahead of an upcoming capital raise.
The company advised its shares would remain in a trading halt until a formal disclosure had been made regarding the raise, which is anticipated by the morning of Wednesday, April 7.
There’s been no clear indication as to how much Environmental Clean Technologies is looking to pocket via the capital raise or how it plans to spend the funds, advising only that it is preparing an announcement.
The raise comes several months after ECT revealed it had roughly $324,000 in cash and equivalents at the time, constituting less than a quarter’s worth of available funding.
To remedy this, the company advised it would be looking to potentially secure a loan facility with a lender who lends against research and development tax incentives from the Australian Tax Office.
The company spent most of 2020’s final quarter rebuilding the $2 million worth of damage caused from a fire at its Bacchus Marsh Facility in Victoria.
Prior to the trading halt, Environmental Clean Technology last traded at 0.2 cents per share.