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- Australian agribusiness ECS Botanics (ECS) has placed its shares in a trading halt ahead of an upcoming capital raise
- The trading halt is expected to be lifted on or before Monday March 15, when a formal disclosure regarding the raise is made to market
- ECS has made no explicit indication as to how much it is looking to raise or what it has planned for the funds at this stage
- Most recently, the company has entered a new supply agreement with an undisclosed Australian cannabis company through its subsidiary, Murray Meds
- Prior to the trading halt, ECS Botanics shares changed hands at 6 cents apiece
Australian agribusiness ECS Botanics (ECS) has placed its shares in a trading halt ahead of an upcoming capital raise.
The trading halt is set to remain in place until a formal announcement has been made regarding the raise, which is expected no later than Monday, March 15.
At this stage, there has been no explicit mention as to how much ECS is looking to raise or how it plans to spend the funds. However, it has some intriguing prospects in the pipeline.
In most recent news, the company entered a three-year cannabis supply through its subsidiary, Murray Meds, with an undisclosed Australian cannabis company.
It follows Murray Meds’ recent supply agreement with London-based pharmaceuticals distribution company The Armour Group for the sale and export of medicinal cannabis oils in Europe.
As per its most recently half-yearly report, the company has approximately $4.4 million in cash and equivalents.
Prior to the trading halt, ECS Botanics shares changed hands at 6 cents apiece.
