- ReNu Energy (RNE) has entered a trading halt as it plans for an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Wednesday, June 2, or when more information about the raise is released to the market
- ReNu last traded at 6.2 cents per share
ReNu Energy (RNE) has started the week in a trading halt as it plans for an upcoming capital raise.
So far, it is unknown how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Wednesday, June 2, or when more information about the raise is released to the market.
ReNu is an Australian-based clean energy products and services company that offers commercial and technical solutions in the clean energy, utility and infrastructure sectors.
Recently, the company completed the abandonment of the Habanero 3 and 4 wells located in the Cooper Basin of South Australia.
“There has been a lot of hard work and resources required over the last year in planning and implementing the abandonment of the Habanero 3 and 4 wells,” Chairman Boyd White said in April.
“The remediation of these wells is a legacy issue that has been a distraction for too long. The completion is a significant milestone that allows the company to continue to move forward with focus on its acquisition opportunities,” he added.
At the end of the March quarter, the company had $4.1 million in cash and cash equivalents.
ReNu last traded at 6.2 cents per share.