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- Tymlez Group (TYM) is gearing up to raise more capital, after placing its securities in a trading halt ahead of a fundraise announcement
- The enterprise-grade blockchain solutions business first signaled plans to raise more capital in April, when it released its quarterly report
- The update showed TYM had just over $1 million in the bank, after spending $729,000 on operating activities during the three month period
- At that rate of burn, Tymlez had 1.42 quarters of funding available and the company explained it was planning to raise more funds around June
- Shares in TYM last traded for 2.6 cents per share
Tymlez Group (TYM) is gearing up to raise more capital, after placing its securities in a trading halt ahead of a fundraise announcement.
The news of a capital raise may not come as a shock to investors, as the company first signaled plans to raise more capital in April.
The enterprise-grade blockchain solutions business released its quarterly report that month, showing a bank balance of just over $1 million.
It spend $729,000 on operating activities during the same period, leaving the business with only enough funding to continue for another 1.42 quarters.
Asked by the ASX to explain how it plans to fund its operations, TYM stated it was preparing to raise more equity.
“The company is preparing for a raise of new equity. It plans to complete this in June 2021,” Tymlez stated in the quarterly update.
“Based on the company’s history of equity raising, the directors believe that they will be successful,” the company added.
More details of this upcoming fundraise are set to be revealed in the coming days, with TYM’s trading halt due to expire on Wednesday, May 19.
Shares in Tymlez last traded at 2.6 cents per share on Friday, May 14.
