- New Zealand Coastal Seafoods (NZS) places its shares in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until the earlier of March 31 or when an announcement with more details is released
- In its half-yearly report for the period ending December 31, 2021, NZS tabled revenue of $1.56 million, up 14.6 per cent from the prior corresponding period
- Loss was down 7.8 per cent to $1.54 million and the company burnt through nearly $1.3 million in operating activities
- Shares in NZS last traded at 0.6 cents on March 25
New Zealand Coastal Seafoods (NZS) has placed its shares in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until the earlier of March 31 or when an announcement with more details is released.
NZS is yet to disclose how much it intends to raise and what it will use the money for once received.
In its half-yearly report for the period ending December 31, 2021, NZS tabled revenue of $1.56 million, up 14.6 per cent from the prior corresponding period (pcp).
Loss was down 7.8 per cent to $1.54 million and the company burnt through nearly $1.3 million in operating activities.
As of December 31, NZS has cash and cash equivalents of $1.22 million, down from the $3.67 million as of December 31, 2020.
NZS last tapped investors for cash in September 2020 when it revealed it would be aiming to raise up to $5 million via a share purchase plan (SPP) and top-up placement.
Under the plan, eligible shareholders were able to subscribe for up to $30,000 worth of shares to raise $3 million.
The remaining $2 million was raised via the top-up placement which was made available to sophisticated, professional and institutional investors.
NZS used the money from both the SPP and placement to enhance its sales team and distribution capacity as well as complete upgrades at its factory.
Shares in NZS last traded at 0.6 cents on March 25.