- Kinetiko Energy (KKO) enters a trading halt while it plans a capital raise
- The company has not yet said how it will spend the funds nor how much it intends to raise
- Earlier this week, the KV-14C well near the Majuba power station had spud
- This is the first of seven planned core wells that will be drilled over the next few months
- Kinetiko expects to come out of the trading halt by October 4, by which time it plans to have released the details of the capital raise
- Shares in Kinetiko Energy last traded at 9.4 cents on September 29
Kinetiko Energy (KKO) has entered a trading halt while it plans a capital raise.
The company has not yet said how it will spend the funds nor how much it intends to raise.
It expects to come out of the trading halt by Tuesday, October 4, by which time it plans to have released the details of the capital raise.
This pending capital raise follows a $1.7 million entitlement offer completed in June which the company used to advance gas exploration activities and its maiden gas reserves certification.
Kinetiko issued roughly 22.6 million new shares at 7.5 cents a piece.
Earlier this week, Kinetiko told the market that the KV-14C well spudded. This well is located within five kilometres of the Majuba power station in South Africa.
This well is the first of seven planned core wells which will be drilled over the next four to five months.
Shares in Kinetiko Energy last traded at 9.4 cents on September 29.