- Xstate Resources (XST) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until July 27 or when more details regarding the raise are released, whichever occurs first
- On July 14, Xstate announced it will be changing leaders to refocus on becoming a Canadian oil producer
- David McArthur has stepped down from his role as Managing Director while Andrew Childs will become Executive Chairman
- Shares in Xstate last traded at 0.5 cents on July 20
Xstate Resources (XST) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until July 27 or when more details regarding the raise are released, whichever occurs first.
Xstate is yet to disclose how much it intends to raise or what it will use the funds for once received.
On July 14, Xstate announced it will be changing leaders to refocus on becoming a Canadian oil producer after increasing its interest in Alberta Plains.
As a result, David McArthur stepped down from his role as Managing Director but stayed on as Company Director and Joint Secretary.
As a result, Andrew Childs has taken over as Executive Chairman to focus on transitioning the company to a Canadian oil producer.
To support the transitions, Xstate increased its working interest in Blue Sky Resources’ oil and gas fields to 35 per cent.
This increase will cost the company C$1.25 million (A$1.34 million) which will be paid with a combination of cash and shares.
Shares in Xstate last traded at 0.5 cents on July 20. The company has a $13.44 million market cap.