ActivEX (ASX: AIV) has received a major vote of confidence in the company's Selwyn and Florence copper-gold-cobalt projects from ASF Group (ASX: AFA), with ASF Group becoming a new cornerstone investor in ActivEX after the completion of a placement.
Most importantly - the placement was conducted at $0.027 for 24.8 million shares to raise A$670,000, which is a premium to the market.
Providing another interesting factor, ASF Group has a good track record of matching Australian resource projects with Chinese investment.
The share placement represents 15% of the existing issued capital and provides ASF Group with a 13.04% shareholding, with the AF Group chairman, Ms. Min Yang, invited to join the ActivEX board of directors.
Ms. Min Yang has extensive business connections in the Asia Pacific region especially greater China and has over twenty years of hands-on experience dealing with both private and state-run businesses.
Allocation of new funds
ActivEX will use the funding injection to advance exploration drilling at the Selwyn and Florence copper-gold-cobalt projects in the Cloncurry district - where the company is targeting a JORC Resource.
Funds will also be allocated to continue exploration work on the Barambah high grade gold-silver deposit north-west of Gympie.
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