3rd Dec 2018 11:39
LONDON (Alliance News) - HaloSource Corp on Monday said that it is exploring new financing options as its current cash resources will only last until the end of 2018.
HaloSource shares were trading down 38% at 0.40 pence each.
The water technology company said it is looking to raise extra cash with both new and existing investors, however, "there is no certainty that any fundraising will materialise or that any funds raised will be adequate to meet the company's needs".
"The company's cash resources are now low and the company is managing its working capital position closely. If the company is not able to complete a fundraising prior to the company exhausting its cash resources the board will have no choice but to initiate insolvency proceedings," HaloSource added.
Back in September, HaloSource raised USD2.0 million in a financing round which was targeting between USD5.0 and USD7.0 million, which would have allowed it to break even.