Energy explorer ADX Energy (ASX:ADX) is heading to market with a capital raising.
The ASX has granted the company a trading halt, with its shares placed in pre-open.
The company's near-term activity will be focused in the Sicily Channel, both offshore Tunisia and Italy, and Romania.
The strategy is to acquire material permit interests of 50+% which provides monetisation leverage, and fund drilling via farm‐outs but retain significant interests which provides material upside to drilling success.
ADX holds a 19.4% interest in Riedel Resources (ASX:RIE)
The halt will remain in place until the opening of trade on Tuesday 14th October 2014, or earlier if an announcement is made to the market.
