Join our daily newsletter At The Bell to receive exclusive market insights
- Mineral scanning technology company Orexplore Technologies (OXT) has commenced trading on the ASX today under the ticker code “OXT”
- The company raised $2.44 million through an IPO at 25 cents per share and was part of a demerger from Swick Mining Services
- Established in Sweden in 2010, Orexplore has a suite of core-scanning technology that is set to offer more efficient decision-making in the mining industry
- Company shares are trading 46 per cent lower at 13.5 cents
Mineral scanning technology company Orexplore Technologies (OXT) has commenced trading on the ASX today under the ticker code “OXT”.
The company raised $2.44 million through what it described as a “strongly supported” initial public offering (IPO) which sought to raise at least $1 million at 25 cents per share.
The IPO was part of Orexplore’s demerger from Swick Mining Services (SWK) and will allow Orexplore to accelerate its business and core-scanning technology for the mining industry.
Established in Sweden in 2010, Orexplore Technologies’ GeoCore X10 product and remote Orexplore Insight software aims to deliver rapid “drilled to insight” decision support by connecting the field core scanning tech to remote decision makers just hours after extraction.
Essentially, the technology’s objective is to support faster, higher quality operational and corporate decision making for customers across the mining value chain.
Chair Dr Alan Bye said Orexplore was excited to become a listed company.
“The mining industry is adopting digital sensors and analytics to improve productivity and Orexplore has the potential to add significant value to mining exploration and operations.”
Meanwhile, Managing Director Brett Giroud said the company is fortunate to have a strong base of research and development before listing.
“With a healthy balance sheet, a rapidly advancing technology platform, and a highly skilled team, we are well positioned to create shareholder value as we aim to build a global technology company.”
The GeoCore X10 units are currently being trialled at customer sites and OXT’s labs across Western Australia and Stockholm.
Company shares were trading 46 per cent lower at 13.5 cents at 2:38 pm AEDT.
