- Melbana Energy (MAY) enters a mid-week trading halt while it plans an upcoming capital raising
- The company will remain in the halt until July 30 or when an announcement regarding the raise is released, whichever occurs first
- In its June quarterly, Melbana revealed it had burnt through $466,000 with the majority going towards administration and corporate costs
- The company ended the quarter with nearly $10.7 million in total available funding, representing 1.59 quarters left of use
- Shares in Melbana last traded at 2.4 cents on July 27
Melbana Energy (MAY) has entered a mid-week trading halt while it plans an upcoming capital raising.
The company will remain in the halt until July 30 or when an announcement regarding the raise is released, whichever occurs first.
Melbana is yet to disclose how much it intends to raise or what it will use the funds for.
In its June quarterly report, which was released yesterday, Melbana revealed it had burnt through $466,00 for the quarter with the majority going towards administration and corporate costs.
The company also announced it had invested just over $5.80 million in exploration and evaluation.
As of June 30, Melbana had nearly $10.7 million in total available funding, representing 1.59 quarters left of use if spending levels remain the same.
Despite this, the company expects it will continue to have the current level of net operating cash flows and stated it had received $1.14 million from the sale of shares in July.
Shares in Melbana last traded at 2.4 cents on July 27. The company has a $55.60 million market cap.