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- Jade Gas (JGH) places its shares in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until the earlier of Wednesday, November 2, or when the announcement is released
- Earlier in the month, Jade Gas announced it had completed drilling of the ETT-1 and ETT-2 wells in Mongolia with both collectively recovering 66 metres of coal core
- Data collection is underway to evaluate gas desorption, gas composition and gas saturation at both wells and once received, the results will aid in planning drill sites for the pilot production wells
- Shares in Jade Gas last traded at 5.1 cents on October 28
Jade Gas (JGH) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until the earlier of Wednesday, November 2, or when the announcement is released.
Jade Gas is yet to disclose how much it intends to raise or what it will use the funds for once received.
Earlier in the month, Jade Gas announced it had completed drilling of the ETT-1 and ETT-2 wells in Mongolia.
Well ETT-1 recovered 30 metres of coal core between 220 and 361 metres while well ETT-2 recovered 36 metres of coal core between 216 and 387 metres.
Desorption data collection is underway to evaluate gas desorption, gas composition and gas saturation at both wells and once received, the results will aid in planning drill sites for the pilot production wells.
Jade Gas last tapped investors for cash in April when it raised $6.7 million through the issue of 128 million shares to sophisticated and professional investors at 5.2 cents each.
The company stated it would use the money to accelerate drilling at the TTCBM Project, Shivee Gobi Permit and Eastern Gobi Permit, and order long lead items for 2023 drill programs.
Shares in Jade Gas last traded at 5.1 cents on October 28. The company has a $68.2 million market cap.
