- Hydrocarbon explorer Norwest (NWE) has placed its shares in a trading halt ahead of an upcoming capital raise
- NWE securities are expected to remain in a trading halt until a formal announcement is made about to the raise on or before January 20
- The company has not yet indicated how much it hopes to raise or how the funds might be used
- The Perth-based explorer had roughly $2.8 million sitting in cash as per its most recent cashflow report
- Prior to the trading halt, NWE shares traded at 0.8 cents each
Hydrocarbon explorer Norwest (NWE) has placed its shares in a trading halt ahead of an upcoming capital raise.
NWE securities are expected to remain in a trading halt until a formal announcement is made pertaining to the raise on or before January 20.
It is unclear how much Norwest hopes to raise or how the funds might be used.
In an annual general meeting from November last year, the company highlighted progress made at its Lockyer Deep-1 prospect in the Perth Basin, hinting at the commencement of a drill program in the first half of 2021.
NWE also touted “significant Permian gas discoveries” at its West Erregulla and Beharra Springs Deep, upgrading the company’s Lockyer Deep prospect further.
The Perth-based explorer had roughly $2.8 million sitting in cash as per its most recent cashflow report and says it is “debt-free” following the settlement of a convertible note with Sundowner International, as per its AGM presentation.
Prior to the trading halt, NWe shares traded at 0.8 cents each.