January 22, 2012

Algae.Tec granted a trading halt pending capital raising announcement

Algae.Tec (ASX: AEB) was one of the best performing IPO's on the ASX during 2011 as investors embraced the company's advanced renewable oil strategy.

Algae.Tec has today been granted a trading halt by the ASX pending an announcement surrounding a capital raising program, with the company's shares placed in pre-open.

The company is currently in a very interesting position, and earlier in the month expanded its Algae Development & Manufacturing Centre in the United States to accommodate commercial production programs.

The facility, in Atlanta, Georgia, has increased almost fourfold to 6,500 square metres, which will ensure capacity for Algae.Tec’s existing and upcoming commercial projects.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 20 January.

Original post available here.

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