- Kinetiko Energy (KKO) enters a trading halt ahead of an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise, but KLKO says the funds will go towards project funding
- Company shares will be paused until Friday, July 2, or when more information on the raise is released to the market
- Kinetiko shares last traded at 11 cents on June 29
Kinetiko Energy (KKO) has entered a trading halt ahead of an upcoming capital raise.
The company has given no details on how much it is raising but said the funds will go towards project funding.
Under the halt, company shares will be paused until Friday, July 2, or when more information on the raise is released to the market.
Kinetiko is an Australian company in the energy exploration business with a flagship project, Amersfoort, located in South Africa.
Recently, the company purchased the remaining interest in Afro Energy from Badimo Gas.
Under the acquisition, Kinetiko will become the sole owner of Afro Energy, which holds 100 per cent interest in the exploration rights and the sample gas production permit in South Africa.
“This union between the historic joint venture partners represents the achievement of a major milestone for the derisking of the development of what is potentially the largest onshore gas project in South Africa,” KKO Executive Chairman Adam Sierakowski said.
“Years of significant cooperation between the Badimo and Kinetiko teams have enabled this acquisition to be realised and will result in delivering substantial shareholder value.”
On the market, Kinetiko last traded at 11 cents on June 29.