- ActivEX (AIV) re-pockets $1.5 million in buyback after Fetch Metals fails to IPO before September 30, 2022
- On January 24, 2022, AIV chose to sell its Cloncurry Copper project to Fetch Metals for $3 million – $1.5 million in cash and $1.5 million worth of shares upon Fetch’s IPO
- Fetch was unable to IPO before September 30 which was a condition to purchase the asset, but have since bought back all the shares issued for $1.5 million
- AIV shares were down 2.7 per cent, trading at 3.5 cents at 10:11am AEDT
ActiveEX (AIV) has re-pocketed $1.5 million in a buyback, after Fetch Metals failed to IPO before September 30 2022.
On January 24 2022, AIV chose to sell its Cloncurry Copper project to Fetch Metals for $3 million split between $1.5 million in cash and $1.5 million worth of Fetch shares once the company listed on the ASX.
However, Fetch was not able to IPO before the deadline set which is a condition in the agreement to purchase the asset.
Fetch then agreed to buy back all the shares issued for $1.5 million.
ActivEX shareholders approved the Fetch buyback in a general meeting on January 11, and the company has now received the funds.
AIV shares were down 2.7 per cent, trading at 10:11am AEDT.