- Oil and gas company Octanex (OXX) has successfully completed its placement and raised $750,000
- All up, 15 million fully paid ordinary shares were issued to sophisticated and professional investors at 5 cents
- Furthermore, participants received one unlisted option for every two shares subscribed for, exercisable at 7.5 cents on or before April 30, 2023
- Octanex will use the money to advance exploration at Sefton Project in Western Australia
- As well as nickel-copper sulphides, the company believes there is potential for the discovery of a major gold resource
- Octanex has ended the day 1.69 per cent in the green with shares trading at 6 cents
Oil and gas company Octanex (OXX) has successfully completed its placement and raised $750,000.
The company entered a trading halt on May 3 but did not disclose how much it intended to raise or what it would use the funds for.
All up, 15 million ordinary fully paid shares were issued to sophisticated and professional investors at 5 cents.
Furthermore, participants received one unlisted option for every two shares subscribed for, exercisable at 7.5 cents on or before April 30, 2023.
Octanex will use the money to advance exploration at Sefton Project in Western Australia.
The 2587-square-kilometre project lies in the Great Victoria Desert between the Laverton and Yamarna Greenstone Belts.
It lies in an area that has seen limited modern exploration and consists of three granted licences, as well as another currently under application.
As well as nickel-copper sulphides, Octanex believes there is potential for the discovery of a major gold resource.
“The placement funds will be used to advance our knowledge of the company’s Sefton Project tenements,” Chairman Geoff Albers said.
“It will be an exciting period ahead for Octanex as we initiate our planned programs to unlock the geology of our tenements. We look forward to delivering on our exploration programs,” he added.
Octanex has ended the day 1.69 per cent in the green with shares trading at 6 cents in a $14.32 million market cap.