HALTED..CEO, Scared and is trying to AVOID mass SELL-OffMy guess is CEO fears a massive exit today by shareholders..and has proactively dont this halt, stating..."Pending News". Seen these moves before and the key to the financing is "Marketed Deal"...saying Echelon will use its best efforts to fill this placement..CEO fears a major sell-off today and their chances of getting a respectful price for this placement will be massively dilutive and bringing alot more negative attention to this company and its Turkey assets. Anything here will be less than positive in my opinion..First of all..NO TAKE-OVER....get that out of your minds...The following may happen with news...
1) Drilling update on those 3 gas producing water problem wells and disclosure of their new BOTAS pricing for November Month...Good or Bad news...
2) The Seismic update results with the Oil exploration blocks on-shore Turkey...Good or Bad...
3) A Bulgaria new farm-out agreement with a potential Large Producer..
4) CEO has Resigned and all new mangement assigned by Board....Maybe..
5) Company tactic to Stall and close the placement First and then reopen the trading...maybe..
6) They announce a deal with a negotiated price on this placement for that $10mm...
As you can see, many events here that can explain the HALT...
If things were very positive with this company...They would have garnered and secured a "Bought Deal" financing, and guaranteed their funds of being acquired...and with a more respectfully price.
Just My Take....Really , this is Worrisome..