- Oil and gas exploration IPB Petroleum (IPB) enters a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until Monday, July 11, or when further details are released to the market, whichever occurs first
- Prior to entering the trading halt, IPB’s most recent news was the release of its March quarterly report where it revealed it burnt through $62,000
- As of March 31, IPB had $529,000 in total available funding, representing 9.2 quarters of use if spending levels remain the same
- Shares in IPB last traded at 0.9 cents on July 6
Oil and gas exploration IPB Petroleum (IPB) has entered a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until Monday, July 11 or when further details are released to the market, whichever occurs first.
IPB is yet to disclose how much it intends to raise or what it will use the funds for once received.
Prior to entering the trading halt, IPB’s most recent news was the release of its March quarterly report.
The company announced it had burnt through $62,000 in the quarter with the majority going towards administration and corporate costs.
As of March 31, IPB had $529,000 in total available funding, representing 9.2 quarters of use if spending levels remain the same.
IPB last tapped investors for cash in August 2021 when it undertook a $875,000 placement.
The funds were raised through the issue of roughly 50 million new shares to institutional, professional and sophisticated investors at a price of 1.75 cents each.
IPB said it would use the money to fund technical studies and analysis for the Idris well and progress discussions with regulators and the government for proposed work for WA-424-P.
Shares in IPB last traded at 0.9 cents on July 6. The company has a $3.03 million market cap.