25th Sep 2019 16:06
(Alliance News) - Smart pallet firm RM2 International SA still hopes to conclude near-term funding by the end of the year, it said Wednesday, despite a delay.
RM2 shares are currently suspended after a failure to publish results on time, stemming from a lack of funding.
In July, it said it would be raising up to USD6 million, but this was conditional on the company securing funding with lenders.
"Discussions with potential providers of finance have advanced and the company is currently evaluating its alternatives in this regard," said RM2 on Wednesday.
"Whilst reaching this stage has taken longer than the company anticipated, and despite there being no guarantee the company will reach agreement with any one potential provider, the board of the company believes this near-term funding will be successfully concluded during the fourth quarter of 2019."
RM2 expects 2018 results to be released during the fourth quarter, with the results for the first half of 2019 following shortly after.
The company also said Wednesday Non-Executive Director Paul Walsh will be stepping down for personal reasons at the end of September.
By George Collard; [email protected]
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