- Strategic Energy Resources (SER) enters a trading halt ahead of a $500,000 placement to sophisticated and professional shareholders
- The company will issues shares at 1.7 cents each and is able to accept oversubscriptions
- It isn’t clear how Strategic Energy will spend the funds but it will boost its cash position after ending the June quarter with $605,000 and 1.76 estimated quarters left of funding
- The company will remain in the halt until Monday, August 15, or when further details on the raise are released
- SER shares last traded at 2 cents on August 10
Strategic Energy Resources (SER) has entered into a trading halt ahead of a $500,000 capital raise.
The capital raise will be in the form of a placement under which the company will issue shares at 1.7 cents each to existing professional and sophisticated shareholders, with the ability to accept oversubscriptions.
However, the company has not stated what the money will be used for.
Directors and major shareholders of SER have expressed their intention to participate in the raise.
The halt means company shares will be paused until Monday, August 15, or when further details on the raise are released to the market.
Strategic Energy is a mineral explorer and project generator with projects in Queensland, New South Wales and the Northern Territory.
Over the June quarter, the company used $146,000 on operating activities and ended the period with $605,000 in cash and cash equivalents.
It estimated having less than two quarters left of available funding and, in response to whether it planned to raise cash, SER said it will assess various funding initiatives to make sure it has the financial capacity to progress its exploration program.
SER shares last traded at 2 cents each as of August 10.