Sun Resources' (ASX: SUR) shares will be suspended following a request by the company as it finalises a placement and capital raising to fund exploration across its Woodbine Oil Play acreage in Texas.
The suspension is requested to remain in place until Wednesday, 6 November 2013.
Earlier in August, Sun raised $13.5 million via a placement to a wholly-owned subsidiary of Hancock Prospecting Pty Ltd, representing an 18.48% interest in Sun Resources' share capital upon completion of the placement.
The company is preparing to participate in the drilling of three new horizontal wells across its Woodbine Oil Play acreage in Texas.
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