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- Agricultural waste fibre technology company Papyrus Australia (PPY) has entered a trading halt ahead of an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise and where the funds will be spent
- It’s expected the full details will be released once the trading halt expires on Friday, December 4
- Meantime, for the September quarter, the company spent $35,000 on operating activities and ended the period with $23,000 in the bank
- Papyrus last traded for 6.8 cents per share on December 1
Papyrus Australia (PPY) has entered a trading halt ahead of an upcoming capital raise.
So far, it is unknown how much the company is aiming to raise and where the funds will be spent.
Company shares will be paused until Friday, December 4, or until more details about the placement are released to the market.
Papyrus is known for its technology that converts waste trunk of the banana palm into alternatives to forest wood products — which in turn can be used in paper, packaging, furniture, building, construction and other industries.
For the September quarter, the company spent $35,000 on operating activities, with all the money going towards administration and corporate costs.
At the end of the period, the company had $23,000 worth of cash in the bank, however, it also had around $235,000 worth of total funding available.
Shares in Papyrus last traded for 6.8 cents per share on December 1.
