OGI Group (ASX:OGI), formerly Golden Gate Petroleum, will soon release details of a potential acquisition and capital raising, with the ASX granting the company a trading halt to complete.
The company had close to $1.5 million in cash at the end of June 2014.
During the June quarter, the sale of the Company’s Permian Assets was completed.
The adjusted sales price was US$4.8 million, including an amount of US$0.5 million held in escrow pending the settlement of a legal dispute.
The halt will remain in place until the opening of trade on Thursday 31st July 2014, or earlier if an announcement is made to the market.
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