- Power solutions company MPower Group (MPR) has placed its shares in a trading halt while it undertakes capital raise preparations
- The trading halt is set to be lifted on or before Friday, February 29 when a formal announcement regarding the raise is made to the market
- While the company has not explicitly indicated how much it is seeking or how it plans to use the funds, it has recently laid plans for a number of energy projects in South Australia and Victoria
- According to MPower’s most recent Appendix 4C, the company has roughly $2.9 million in cash and equivalents, equating to just under four quarters worth of funding
- Prior to the trading halt, MPR shares traded at a flat 10 cents
Power solutions company MPower Group (MPR) has placed its shares in a trading halt while it undertakes capital raise preparations.
The company announced to market that its shares would remain in a trading halt until Friday 29 February or until an earlier ASX disclosure is made regarding the raise.
At this stage, the company has made no explicit indication of how much it is looking to raise or how it plans to spend the proceeds.
In terms of current operations in the pipeline, MPR is in the midst of designing and constructing two 5MWac solar farm projects in South Australia and has hinted at plans to build, own and operate up to 20 renewable energy assets.
The company obtained exclusive rights over three renewable energy project sites currently under development in Victoria and South Australia, with a 5MWac solar farm planned for each location.
According to MPower’s most recent Appendix 4C, the company has roughly $2.9 million in cash and equivalents, providing it with enough funding for just shy of the next four quarters based on current spending levels.
Prior to the trading halt, MPR shares traded at a flat 10 cents.