- ActivEX (AIV) raises $2.125M through a Placement with new shares issued at 8c
- Its gold projects are: Gilberton and Georgetown in northern Queensland. The latter also has lithium potential
- The capital raised will fund more drilling and exploration activities
- The company recently sold its Ravenswood project to Ballymore Resources (ASX:BMR) and it’s negotiating the demerger of its Cloncurry asset
- ActivEX shares have traded sideways, sitting at 7.1 cents at 3:34 pm AEDT
ActivEX (AIV) has raised $2.125M through a Placement with new shares issued at 8c.
The company is focussing on its Gilberton and Georgetown tenements in northern Queensland, which is about 70km south of a gold processing plant.
Gilberton is a gold play, whilst Georgetown is gold with lithium potential.
The capital raised will fund more drilling and exploration activities.
ActivEX recently sold its Ravenswood project to Ballymore Resources (BMR).
Managing Director Mark Derriman said the company had gone through a period of review and wanted to pay down $3.6 million in debt.
“When I joined the company we had a considerable portfolio, and a far larger portfolio than the company could handle,” he said.
“So we entered a phase of destructuring and then restructuring the company. Part of the destructuring was to move on – or demerge – non-core assets such as Ravenswood and others, get those sold for shares and/or cash, and focus that money on our key projects.
“Also, we are in the process of reducing debt. The debt facility worked for the company in the short term, but long-term it’s not going to work because the interest rate was quite high.”
Mr Derriman said the demerging of the Cloncurry asset was under negotiation in view of a cash and shares deal.
ActivEX shares have traded sideways, sitting at 7.1 cents at 3:34 pm AEDT.