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- Roolife (RLG) shares are locked in a trading halt while the company undertakes preparations for an upcoming capital raise via a securities placement
- The trading halt is set to be lifted on July 7, when further information regarding the placement is made to market
- Roolife has not indicated how much it is looking to raise or for what purpose at this stage
- Today’s announcement comes shortly after the ASX-lister announced it had secured exclusive distribution rights for Remedy drinks in China
- Prior to the trading halt, Roolife shares last changed hands at 3.1 cents
Roolife (RLG) shares are locked in a trading halt while the company undertakes preparations for an upcoming capital raise via a securities placement.
The ASX-lister advised its shares would remain in a halt until a formal announcement was made to market, which is expected on or before Wednesday July 7.
At this stage, Roolife has not offered any explicit indication as to how much it is looking to raise or for what purpose.
In terms of most recent developments, Roolife announced it would be partnering with Remedy Drinks — a prominent kombucha producer — to supervise its social media and eCommerce platforms during its China launch.
Through the agreement, RLG has been appointed exclusive distribution rights in China.
Under the contract, RLG must meet a minimum revenue target of $5 million over a three-year period, which will be scaled up each year.
The ASX-lister reported a cash and equivalents balance of $5.1 million at December 31, 2020.
Prior to the trading halt, Roolife shares last changed hands at 3.1 cents.
