Total
0
Shares
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • IPB Petroleum (IPB) shares have entered a voluntary trading halt while the company gears up for a potential capital raise
  • The capital raise comes shortly after the company revealed it had less than a quarter's worth of funds available
  • IPB was set to receive debt funding from a farm-in agreement which has since been pushed back to September
  • The trading halt is set to be lifted on or before Tuesday August 3
  • Prior to today's trading halt, IPB Petroleum shares last traded at 2.1 cents

IPB Petroleum (IPD) shares have entered a voluntary trading halt while the company gears up for a potential capital raise.

At this stage, IPD has not explicitly indicated how much it is looking to raise or for what purpose however it comes not long after the company revealed it had one quarter of available funding left in its June report.

The company had $200,000 in cash and equivalents by quarter end after it failed to receive initial remittances from Quay during the period.

IPB entered an agreement with Quay in March to farm out 50 per cent interest in the IPB WA 424P permit in Broome in exchange for debt funding and funding for an appraisal well and a potential first stage development.

IPB had anticipated an initial US$5 million (A$6.7 million) payment in early April but advised the funds would be drawn down in August or September instead.

The trading halt is expected to remain in place until Tuesday August 3, when an announcement regarding details of the raise are released to the market.

Prior to today's trading halt, IPB Petroleum shares last traded at 2.1 cents.

IPB by the numbers
More From The Market Herald
Castle Minerals (ASX:CDT) - Non Executive Chairman, Michael Atkins - The Market Herald

" Castle Minerals (ASX:CDT) begins week in trading halt

Castle Minerals (CDT) has begun the week in a trading halt while it plans the details of an upcoming capital raising.
Nova Minerals (ASX:NVA) commissions sample prep lab at Estelle Gold Project

" Nova Minerals (ASX:NVA) enters trading halt ahead of share placement

Nova Minerals (NVA) has entered a trading halt while it plans a capital raise.
The Market Herald Video

" Widgie Nickel (ASX:WIN) drilling to start after IPO

Widgie Nickel (WIN) shares opened at 24 cents this morning, just days after the company debuted on the ASX to tap into demand
Tesserent (ASX:TNT) - Non Executive Chairman, Geoff Lord - The Market Herald

" Tesserent (ASX:TNT) ends week in trading halt

Tesserent (TNT) has ended the week in a trading halt in regard to an upcoming capital raising.