ActivEX (ASX: AIV) has initiated a A$3 million capital raising program to advance exploratory drilling at the Florence copper gold cobalt project.
The potential new inflow of funds will also be allocated to continue exploratory work at the Mt Agate Project and to begin work at the Selwyn East Project.
A 3 for 8 non-renounceable issue at $0.05 will raise up to $2.25 million, with an institutional share placement at the same price to raise $784,000.
Shareholders who accept the entitlement offer will be issued one option for every two shares, exercisable at $0.08 in around one year’s time.
The company can now also progress the Barambah high grade gold silver project, and the Lake Chandler potash project.
The Lake Chandler Project is currently in the scoping and pre-feasibility stage, while Barambah, Florence and Mt Agate are in the exploratory drilling stages.
ActivEX had a maiden Inferred JORC Resource at Lake Chandler in 2009 of 5.78 million tonnes at 5.73% potash.