Find out more about this capital raise
Be the first with the news that moves the market- Sacgasco (SGC) has begun the week in a trading halt pending an upcoming capital raising
- The company will remain in the halt until February 3 or when an announcement is made, whichever occurs first
- On January 28, Sacgasco revealed it intends to purchase a 20 per cent working interest in oil and gas producing assets in Alberta, Canada
- To acquire the 20 per cent interest, the company will pay around C$500,000 (around A$510,000) in cash and issue $140,000 worth of shares
- Shares in Sacgasco last traded at 7.7 cents on January 29
Sacgasco (SGC) has begun the week in a trading halt pending an upcoming capital raising.
The company will remain in the halt until February 3 or when an announcement is made, whichever occurs first.
Sacgasco is yet to disclose how much it intends to raise or what it will use the funds for.
On January 28, Sacgasco revealed it is intending to purchase a 20 per cent working interest in oil and gas producing assets in Alberta, Canada.
To acquire the 20 per cent interest, the company will pay C$500,000 (around A$510,000) in cash and issue 1.92 million shares to raise $140,000.
This follows on from Sacgasco's purchase of a 30 per cent interest in the Red Earth asset, also in Alberta, which is expected to be completed before March this year.
Additionally, in its December quarterly report, Sacgasco revealed it burnt through around $535,000 with the majority going towards exploration, evaluation and corporate costs.
As of December 31, the company had $1.73 million in available funding, enough to support 3.23 quarters of operations if spending levels remain the same.
Shares in Sacgasco last traded at 7.7 cents on January 29.
