Carbon Energy Ltd to update on rights issue - *...

Carbon Energy Ltd to update on rights issue - * (AU)
Carbon Energy Ltd to update on rights issue

Wednesday, April 06, 2016 by Proactive Investors

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Carbon Energy Ltd has been granted a trading halt by the ASX
Carbon Energy Ltd (ASX:CNX) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.

CNX requested the halt pending the renounceable rights issue entitlement funds from Kam Lung Investment Development Company Ltd (Kam Lung).

The company is focussed on the development and commercialisation of underground coal gasification (UCG) projects.

APP Securities has a Speculative Buy on CNX, with a target price of A$0.14.

The halt will remain in place until the opening of trade on Friday 8th April 2016, or earlier if an announcement is made to the market.

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Bring on the 14c!