- Namoi Cotton (NAM) is warming up investors for a potential capital raise as company shares enter a trading halt
- The cotton processing company requested the immediate trading halt to “facilitate an orderly market in NCL securities” ahead of its announcement to market on May 3
- At this stage, there has been no clear indication as to how much the company is looking to tap investors for or how the proceeds from the fundraising activities might be spent
- In its most recently quarterly, the company reported a cash and equivalents balance of $286,000, with $5.85 million of its $10 million debt facility undrawn as of February 28, 2021
- Prior to the trading halt, Namoi Cotton shares last traded at 43 cents
Namoi Cotton (NAM) is warming up investors for a potential capital raise as company shares enter a trading halt.
The cotton processing company requested the ASX grant it an immediate trading halt to “facilitate an orderly market in NCL securities” ahead of a formal announcement regarding the raise.
Namoi advised it expects to release details of the proposed raise before the commencement of normal trading on Monday May 3.
At this stage, there has been no clear indication as to how much the company is looking to tap investors for or how the proceeds from the fundraising activities might be spent.
In its most recently quarterly, the company reported a cash and equivalents balance of $286,000, with $5.85 million of its $10 million debt facility undrawn as of February 28, 2021.
Namoi said it had repaid $2.6 million of said facility over the period.
The company’s Chief Executive Officer Michael Renehan also stepped down from his position on 10 February, with the company’s Chief Financial Officer, John Stevenson, appointed as acting CEO in the interim.
Prior to the trading halt, Namoi Cotton shares last traded at 43 cents.