- Engineering services company Verbrec (VBC) has entered into a trading halt ahead of an upcoming capital raise
- Currently, it is unknown much the company is aiming to raise or where the funds will be spent
- Verbrec shares will be paused until Friday, April 23, or when more information about the raise is released to the market
- On the market, Verbrec last traded at 19 cents per share on April 20
Verbrec (VBC) has entered into a trading halt ahead of 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, Verbrec shares will be paused until Friday, April 23, or when more information about the raise is released to the market, whichever comes first.
Verbrec is an engineering service company that has over 30 years of experience providing services to the mining, hydrocarbons and infrastructure sectors.
Earlier this month, Verbrec’s subsidiary, Competency Training, completed the
purchase of training assets from Site Skills Group for $1.44 million.
Under the agreement, Competency Training has purchased all training sites, data base of around 110,000 students and Site Skills Training domain.
“Through this acquisition, we now have a much broader training service offering to clients within the mining, oil & gas and infrastructure industry sectors as it is very complementary to our existing training business,” Managing Director Linton Burns said in April.
“The acquisition also provides more training locations, specifically in Darwin and Gladstone which are strategically important growth regions for Competency Training and Verbrec, and will be seamlessly integrated in to the existing training business given their similar business models and systems,” he added.
On the market, Verbrec last traded at 19 cents per share on April 20.