- Evolution Energy (EV1) enters a trading halt ahead of an upcoming capital raise
- There are currently no details to the market on how much the company is aiming to raise or where the funds will be spent
- Under the halt, EV1 shares will be paused until Wednesday, August 10, or when further details on the raise is released, whichever one comes first
- Last month, the company awarded CPC Engineering a front-end engineering design (FEED) contract for its Chilalo Project in south-east Tanzania
- EV1 shares last traded at 36.5 cents per share
Evolution Energy (EV1) has entered into a trading halt ahead of an upcoming capital raise.
There are currently no details to the market on how much the company is aiming to raise or where the funds will be spent.
Under the halt, EV1 shares will be paused until Wednesday, August 10, or when further details on the raise is released, whichever one comes first.
Evolution is focused on sustainable graphite products with its flagship Chilalo Project in south-east Tanzania.
Last month, the company awarded CPC Engineering a front-end engineering design (FEED) contract for Chilalo.
The study includes evaluating opportunities to improve plant design and, optimise and update estimated capital expenditure.
EV1 selected CPC due to its extensive experience in graphite processing and plant commissioning, including that of Syrah Resources’ Balama project in Mozambique.
The FEED study is expected to be completed next month.
On the market, EV1 shares last traded at 36.5 cents per share.