Natural gas and helium producer Renergen has halted trading in its securities from June 23 to June 24 on the ASX, pending an announcement of the company entering a capital raise.
Renergen is raising the proceeds for the completion of the Phase 2 studies of the Virginia gas project, and building up additional financial resources following delays suffered last year as a result of the wide-scale lockdowns and to bolster the already successful drilling campaign.
The trading halt is necessary to ensure the market is informed, Renergen said in a statement on June 23.
The company anticipates making the announcement prior to the start of trading on June 25, though the trading halt will remain in place until the earlier of start of trading on June 25, or when the announcement is made.