Join our daily newsletter At The Bell to receive exclusive market insights
- Eden Innovations (EDE) has entered a trading halt as it gears up to undertake a capital raise
- Shareholders will have to wait until December 7 to find out how much Eden is planning to raise unless it announces the details earlier
- The company recently announced it had secured a more than $7 million via an equity placement facility agreement
- Eden said the extra funds from Long State Investment would be used for additional working capital
- Additionally, EDE and The University of Queensland also recently received their fifth consecutive funding package worth over $370,000
- Shares in EDE last traded for 3.1 cents each on December 2
Eden Innovations (EDE) has entered a trading halt as it gears up to undertake a capital raise next week.
Shareholders will likely have to wait until Monday, December 7 to find out how much Eden is planning to raise – unless it can announce the details early.
The fundraise comes after Eden announced just last week that it had secured $7.2 million in funding via an equity placement facility agreement.
At the time, Eden said the funding agreement with Long State Investment would be used as additional working capital.
In addition to this facility, Eden also announced in mid-November that it had successfully secured more funding from the Australian Research Council (ARC).
ARC awarded Eden, and its longtime partner The University of Queensland (UQ), their fifth consecutive round of funding for an ongoing development program.
The in-demand grant had a total value of $376,518 and was to be used over the next three years for EDE and UQ’s specialised thermoplastic parts program.
Before today’s trading halt came into effect, shares in Eden Innovations were trading for 3.1 cents each on December 2.
