- Petratherm (PTR) has ended the week in a trading halt ahead of an upcoming capital raise
- So far, it is not known how much the raise is and what the money will be spent on
- Company shares will be paused until Tuesday, November 24, or when more details about the raise have been released
- Recently, the company agreed to sell its Victorian gold tenements and assets to Canadian listed explorer, Skarb Exploration company
- On the market, Petratherm last traded for 16 cents per share on November 19
Petratherm (PTR) has ended the week in a trading halt ahead of an upcoming capital raise.
Currently it is unknown how much the company is aiming to raise and where the funds will be spent.
The trading halt means Pentatherm shares will be paused until Tuesday, November 24, or when more details about the raise have been released to the market.
The company is committed to developing a portfolio of mineral exploration projects which are poised for growth.
Recently, the company agreed to sell its Victorian gold tenements and assets to Canadian listed explorer, Skarb Exploration. The projects include Yuengroon, Silver Spoon, Glenfine and Ballarat West.
Under the deal, Skarb will issue 100 million common shares to Petratherm. Within 125 days of completing the purchase, Petratherm will distribute the consideration shares in specie to its shareholders based on their current holding.
Part of the deal was for Skarb to complete a private placement of no less than C$4 million (just over A$4 million) in gross proceeds. The company ended up completing the placement with C$11.4 million (nearly A$12 million).
The deal is now awaiting certain approvals and is expected to be completed before Christmas.
On the market, Petratherm last traded for 16 cents per share on November 19.