Galilee Energy Inc (ASX:GLL) suspends trading as it plans capital raise – The Market Herald

• Galilee Energy (GLL) halts business activities as it plans upcoming capital raise
• So far, it’s unclear how much the company aims to raise or where the funds will be spent.
• The halt means that Galilee shares will be suspended until Friday, February 25, or when further information about the increase is released to the market.
• Galilee is a Brisbane-based oil and gas exploration company focused on advancing its flagship Glenaras Gas project
• Shares of the company last traded at 36 cents per share

Galilee Energy (GLL) has suspended its commercial activities in anticipation of an upcoming capital increase.

It is currently unknown how much the company aims to raise or where the funds will be spent.

The halt means that Galilee shares will be suspended until Friday, February 25, or when further information about the increase is released to the market, whichever comes first.

Galilee is a Brisbane-based oil and gas exploration company focused on advancing its flagship Glenaras Gas Project, located in the Galilee Basin in western Queensland.

Recently, the company appointed David Casey as Managing Director.

Casey succeeds Peter Lansom who retired early last year following the company’s announcement of a management restructuring.

Mr. Casey is the author of the original scoping study for GLL’s Glenaras Queensland project.

In the market, Galileo last traded at 36 cents per share.