- Engineering consultant Synertec (SOP) has entered a trading halt pending the announcement of an anticipated business update and capital raising
- Further details regarding the raise are expected to be announced on or before Wednesday August 4
- It follows SOP disclosing a potential upcoming field testing partnership and plans to commercialise its Composite Dry Powder technology
- The company reported a $3.4 million cash balance back in February which was largely owed to a $1.3 million share placement in July last year
- Synertec last traded at 11 cents per share
Engineering consultant Synertec (SOP) has entered a trading halt pending the announcement of an anticipated business update and capital raising.
At this stage, the ASX-lister has not explicitly indicated how much it might look to raise or for what purpose.
Details regarding the raise are expected to be released to the market on Wednesday August 4, at which time SOP shares are set to recommence normal trading.
Most recently, SOP indicated plans to globally commercialise its Composite Dry Powder technology for the treatment of hydrocarbon drilling mud following ongoing testing.
The company also announced it would be completing commercial-scale field testing with an unnamed Australian oil and gas operator.
Synertec’s most recent half-yearly update reported an Earnings Before Interest, Taxes, Depreciation, and Amortization loss of $600,000 due to challenges associated with COVID-19 restrictions.
The company reported a $3.4 million cash balance back in February which was largely owed to a $1.3 million share placement in July last year.
Synertec last traded at 11 cents per share.