Xstate Resources (ASX:XST) has been granted a trading halt by the ASX, pending details related to a capital raising.
The halt will remain in place until the opening of trade on Friday, 17th February 2017, or earlier if an announcement is made to the market.
Xstate recently entered into binding agreements with four sophisticated Asian investors to raise a total of $25 milion at $0.38 per share.
The aim is to fund the acquisition of Xstate’s intended Los Angeles Basin oil fields transaction.