“ONGOING discussions” with investors have kept shares in ASX-listed Sunraysia dried fruit business Murray River Organics in a trading halt.
The company, which trades under the code MRG, issued an update to the market on Wednesday about its proposed equity raising.
“While these discussions (with investors) continue to progress constructively and are well advanced, they are incomplete and MRG is not yet in a position to announce any specific outcomes,” the statement said.
“MRG expects to make an announcement regarding the equity capital raising in the coming days.”
Murray River Organics hasn’t been traded on the ASX since November 28.
In December, the company announced it had exited a farm lease in Colignan, instead entering an off-take agreement with landlord Arrow Funds Management.
Arrow was also to be issued with 5 per cent of shares in Murray River Organics.
The company said at the time its equity raising was expected to bring in “a minimum of $20 million”.
On Wednesday, the company said it would be “premature” to resume trading and expected its voluntary suspension of trading would remain in place until next week.
