Petratherm returns to the ASX after kicking hot rocks for gold; shares up 10pc
Link copied to
Former energy stock Petratherm has relisted on the ASX today after being kicked out last year.
The shares reached 4.4c after re-listing — a 10 per cent premium on their most recent issue price of 4c.
The former energy stock is turning into a gold explorer, after raising $4.8 million at 4c a share to buy two tenements in the north-east of South Australia for $50,000.
It was booted from the bourse in May last year for not having enough activity to warrant remaining listed.
Petratherm (ASX:PTR) had a “hot rocks” energy project in the far north of South Australia but had to shelve it in 2014 after running out of money.
It had raised a $24.5 million grant from the Renewable Energy Development Program but couldn’t find another $5 million.
“Since the shut-down of the Paralana geothermal project (the company still holds the Geothermal Exploration Licence), and the relinquishment of its petroleum exploration licence in Tasmania, and the subsequently terminated agreement to acquire a human resources technology company via reverse takeover; the company has actively reviewed many other projects,” Petratherm said in May.
After a share consolidation in March which saw every two shares consolidated into one, and a capital raise of $4 million with shares at 4c each, Pertratherm will relist on Tuesday.