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World Oil Resources in pre-open, to raise capital

Published: 21:20 11 Jun 2013 EDT

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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.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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