ROCK breaking specialist and drilling contractor Brandrill extended a trading halt on its shares yesterday, after revealing talks with its financiers over new funding arrangements were still incomplete.
However, the company was upbeat about its prospects of concluding a deal, noting it had made "good progress in negotiating both short and long term working capital funding facilities".
The Pinjarra-based company has been under intense pressure since last month, when it revealed a major restructure to slash costs and narrow its focus to contracting and the sale of existing applications of its leading-edge PCF explosives-free rock breaking technology.
The restructure was sparked by the failure of a planned $4 million placement to a South African mining group.
The restructure included a tenfold reduction in research and development spending, and cuts of 20 to 50 per cent to executive and management salaries.
Brandrill last traded at 17.5¢.
BDL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
