- Global Energy Ventures (GEV) places its shares in a trading halt pending an announcement regarding a capital raising
- The company will remain in the halt until the earlier of November 11 or when the announcement is released
- In its September quarterly, GEV revealed it had burnt through $779,000 with the majority going towards staff costs
- As of September 30, the company had more than $5.8 million in total available funding, representing seven quarters of use if spending remains the same
- Shares in GEV last traded at 15.5 cents on November 8
Global Energy Ventures (GEV) has placed its shares in a trading halt pending an announcement regarding a capital raising.
The company will remain in the halt until the earlier of November 11 or when the announcement is released.
GEV is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its September quarterly, GEV revealed it had burnt through $779,000 with the majority going towards staff costs.
As of September 30, the company had more than $5.8 million in total available funding, representing seven quarters of use if spending remains the same.
GEV last tapped investors for cash in February when it undertook a $6.3 million placement.
The funds were raised through the issue of 63 million fully-paid ordinary shares to institutional and sophisticated investors at 10 cents each.
GEV said at the time it would use the money to fund the development of its CG Optimum business and C-H2 compressed hydrogen supply chain.
Shares in GEV last traded at 15.5 cents on November 8. The company has a $70.86 million market cap.