Stonehenge Metals (ASX:SHE) is heading to market with a material capital raising.
The company is looking to commercialise the Protean Wave Energy Convertor (WEC) technology in the U.S.
The system is based upon a point-absorber wave energy converter buoy device.
This floats at the water surface and extracts energy from the waves by the extension and retraction of a tether to its anchoring weight on the seabed.
The ASX has granted Stonehenge a trading halt to organise the raising.
The halt will remain in place until the opening of trade on Tuesday 11th August 2015, or earlier if an announcement is made to the market.
News: Stonehenge Metals to make material capital raising
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