World Oil Resources (ASX: WLR) has been granted a trading halt this morning by the ASX - with its shares placed in pre-open - pending details of a capital raising.
World Oil Resources holds a 50% net working interest in 15,000 acres in the Welch Bornholdt and Wherry Oil Fields, where it is targeting 200 to 300 million barrels of remaining un-swept oil.
The company received a formal takeover offer from Holdrey Pty Ltd of $0.013 cash per share recently.
Holdrey currently holds 42.5 million shares and has voting power of 10.9%.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 14th June 2013.
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