- Toro Energy (TOE) has placed its shares in a trading halt while it gears up for an approaching capital raise
- Company shares are likely to remain in a trading halt until on or before Friday May 21, when the company makes a formal announcement regarding finer details of the raise
- At this stage, there’s been no explicit indication from the Australian-based uranium company as to how much it is looking to raise or how it might spend the funds
- Toro recently raised $2.1 million in a controlled placement agreement via a set-off of 135 million fully paid ordinary shares
- Prior to the trading halt, Toro Energy shares last traded at 2.9 cents
Toro Energy (TOE) has placed its shares in a trading halt while it gears up for an approaching capital raise.
The Australia-based uranium company indicated its shares were likely to remain in a trading halt until Friday May 21, when a formal announcement regarding the raise is made to market.
At this stage, there’s been no clear indication from Toro regarding how much it might look to raise or how it plans to spend the proceeds.
The company’s latest fundraising activity came in the form of a controlled placement agreement in March, when it raised $2.1 million via a set-off of 135 million fully paid ordinary shares.
Toro’s most recent quarterly update revealed it held a cash balance of $3.6 million, which is enough to see it through the next four quarters based on spending levels a the time.
Prior to the trading halt, Toro Energy shares last traded at 2.9 cents.