- Oil and gas company Octanex (OXX) has placed its shares in a trading halt ahead of an approaching capital raise
- Company shares are expected to come out of the trading halt on or before Wednesday, May 5, when a formal announcement regarding the capital raise is made to the market
- There’s been no clear indication as to how much Octanex is looking to raise or how it plans to spend the proceeds, however, the company advised Fresh Equities had been appointed to assist with the raise
- According to OXX’s most recent quarterly report, the company is in the midst of laying further exploration activities for its Sefton multi-commodity project in Western Australia
- Prior to the trading halt, Octanex shares last traded at 5.9 cents in a $14.3 million market cap.
Exploration company Octanex (OXX) has placed its shares in a trading halt ahead of an approaching capital raise.
The ASX-lister announced to the market its shares would remain in the trading halt until Wednesday, May 5, or when a formal disclosure regarding details of the raise is made.
There’s been no clear indication as to how much Octanex is looking to raise or how it plans to spend the proceeds, however, the company advised Fresh Equities had been appointed to assist with the raise.
Earlier this year, OXX was granted three further exploration licences at its 2587-square-kilometre Sefton Project in the Great Victoria Desert between the Laverton and Yamarna Greenstone Belts in Western Australia.
In its most recent quarterly report, the company flagged a near-term objective to complete target generation to identify priority structural targets for early drill and
geochemical evaluation.
Although advising its focus is on gold, the company said it maintains an “opportunistic multicommodity approach” to its exploration.
Prior to the trading halt, Octanex shares last traded at 5.9 cents in a $14.3 million market cap.