- Helios Energy (HE8) has placed its shares in a trading halt as it gets ready to carry out a capital raising
- The company entered the trading halt before the market opened on Monday, with the halt to expire on February 24
- No details have been released about the raise just yet, however, the company recently released its quarterly financial report
- Helios ended the December quarter with just over $1.6 million worth of cash in the bank, spending $658,000 on operating activities
- At that rate of spend, the company has 2.4 quarters of funding left and no financing facilities to draw upon
- Before today’s trading halt, shares in Helios Energy were trading at 17.5 cents each on February 19
Helios Energy (HE8) has placed its shares in a trading halt as it gets ready to carry out a capital raising.
The company entered the trading halt just before the market opened on Monday, with the halt to expire on Wednesday, February 24.
No details have been released about the raise just yet, however, the company recently released its quarterly report setting out its financials.
Helios revealed it ended the December quarter with just over $1.6 million worth of cash in the bank.
Helios spent $658,000 during the same period and brought in $112,000 from the exercise of options over the quarter.
At that rate of spend, the company has 2.4 quarters of funding left and no financing facilities to draw upon.
Meanwhile, since entering the trading halt today, HE8 has released an investor presentation on its Presidio Oil Project, which is located in Texas.
HE8 recently located a new oil discovery within the Quinn Creek well at the project, the Ojinaga Shale Formation.
Before today’s trading halt, shares in Helios Energy were trading at 17.5 cents each on February 19.