- Prominence Energy (PRM) shares have entered a trading halt as the company undertakes preparations for a capital raise
- The trading halt is set to be lifted on or before Monday, May 31, when investors are set to receive further details regarding the raise, an update on the Bowsprit Project and details on a “new venture”
- PRM last raised capital for the well in March this year and has reported a recently quarterly cash balance of $922,000
- The oil and gas explorer locked in a 12-month extension for two prospects within the project earlier this year
- Prior to the trading halt, Prominence Energy shares last traded at 1.1 cents.
Prominence Energy (PRM) shares have entered a trading halt as the company undertakes preparations for a capital raise.
Shares in the oil and gas explorer are set to remain in a trading halt until Monday, May 31, when a formal disclosure regarding the raise is made to market.
In addition to planning and executing a capital raise, Prominence said investors can also expect an update on its U.S. Bowsprit Oil Project in Louisiana and details on a “new venture”.
The trading halt comes after the company locked in a 12-month extension for two prospects within the project to allow time for drilling to get underway.
Prominence raised approximately $800,000 for the project earlier this year with the funds set to advance the project, fund reviews of new assets and for working capital.
The company’s most recent quarterly revealed a cash balance of roughly $922,000, which was enough to see it through just over the next three quarters based on spending levels at the time.
Prior to the trading halt, Prominence Energy shares last traded at 1.1 cents.