- Zeotech (ZEO) has placed its shares in a trading halt ahead of an approaching capital raise
- The trading halt is expected to be lifted on or before Monday, May 24, when a formal announcement regarding the raise is made to market
- There’s been no clear indication from Zeotech as to how much it might look to raise or for what purpose at this stage
- The mineral processing company reported cash and equivalents of roughly $2.6 million in its most recent quarterly cashflow report, enough to see it through the next three quarters based on spending levels at the time
- In terms of recent news, ZEO had commenced a carbon capture research programme with the University of Queensland
- Prior to the trading halt, Zeotech shares last traded at 7.8 cents
Zeotech (ZEO) has placed its shares in a trading halt ahead of an approaching capital raise.
The industrial mineral processing company advised its shares were likely to remain in a trading halt until Monday, May 24, or until a formal announcement regarding the raise.
At this stage, there’s been no clear indication how much the company is looking to raise or how it plans to spend the proceeds.
The ASX-lister is reported to have around $2.6 million in cash and equivalents as per its most recently quarterly cashflow statement, enough to see it through the next three quarters based on spending levels at the time.
In terms of recent news flow for Zeotech, the company announced in February it had executed a dedicated research agreement with The University of Queensland to evaluate the performance of synthetic zeolites in the field of carbon capture.
The carbon capture research programme commenced in March 2021 and is set to be carried out over a nine-month period.
Prior to the trading halt, Zeotech shares last traded at 7.8 cents.