- Xstate Resources (XST) has begun February in a trading halt in regard to an upcoming capital raising
- The company will remain in the halt until the earlier of February 3 or when an announcement is made
- On January 28, Xstate revealed it intends to acquire a 10 per cent working interest in additional oil and gas fields in Alberta, Canada
- The 10 per cent will be acquired via $255,000 in cash and $70,000 worth of shares
- A refundable deposit of $51,000 has already been paid and the purchase is expected to be completed by March 10
- Shares in Xstate last traded at 1 cent on January 29
Xstate Resources (XST) has begun February in a trading halt in regard to an upcoming capital raising.
The company will remain in the halt until the earlier of February 3 or when an announcement is made.
Xstate is yet to disclose how much it intends to raise or what it will use the funds for once they have been received.
On January 28, Xstate revealed it intends to acquire a 10 per cent working interest in additional oil and gas fields in Alberta, Canada.
The 10 per cent will be acquired via $255,000 in cash and $70,000 worth of shares.
A refundable deposit of $51,000 has already been paid and the purchase is expected to be completed by March 10.
In the December quarter Xstate burnt $302,000 with the majority going towards exploration and evaluation.
As of December 31, the company had $815,000 of funding available, representing 2.7 quarters left of use if spending levels remain the same.
Shares in Xstate last traded at 1 cent on January 29.