RE: This is30 Sep 2016 11:23
Cash of £160k at period end with a burn of £480k in H1. That's 3 months ago and means they're out of cash. Granted $250k( £193k) is due and if received timely should see them through till November.
'ENGIE will contribute its substantial footprint in European gas markets and its expertise in energy management to offer an innovatively structured gas off-take, designed to help HALO secure the funding of such assets whilst minimising the dilution to HALO's shareholders.'
'"This MoU is significant for us as it marks an innovative development in our product offering. For the first time, we are able to marry our Group's E&P knowledge with the ability to manage commodity price risk in order to access hydrocarbons, at the same time helping HALO to raise money for acquisitions in the mature European gas basins."
Both parties have initiated their activities and have already made solid progress. While such an arrangement is not exclusive, the parties have agreed that HALO will provide ENGIE with a first look at all projects it pursues which fit the description of assets sought within this MoU.'
It helps acquire funding by way of debt not provide it. Funding and admin costs will still be required.
When's the placing?