ActivEX Extends Its Share Buy Back Program

ActivEX Limited (ASX:AIV) explores for mineral commodities. The Company aims to take advantage of exploration opportunities when there is unprecedented growth in demand for mineral commodities after a significant reduction in exploration in expenditure worldwide. The company’s portfolio majorly consists of the gold and projects. The substantial tenements are located in the north and southeast Queensland as well as in the northwest Queensland. The company also has a potash project which is situated in Western Australia where it is looking into various methodologies for extraction and the production of the potash and the integrated by-products.Â

The company has via a recent ASX release stated that it has extended it's on market share buyback program. It is notable here that the buyback activities were instigated twelve months before and now is to be further extended for a period of further 12 months from now.

Hence due to this development, now up to 17.7 million of AIV shares can be acquired by AIV over the next twelve months as part of the buyback programme. Till date, no ordinary shares have been bought back. The reason for buyback as per the notification released by the company is to enhance the shareholder’s wealth and value. Ord Minnett limited will act as the broker for this on market buyback of ordinary shares. The company intends to buy back the abovementioned shares till the 22 January 2019. Moreover, there are no impending conditions on which the buyback is dependent upon.

The company had come out with its quarterly activities report as on the 30 September 2018. The report stated that the during the quarter rock chip sampling was completed over the Cloncurry Copper and Gold and Ravenswood Gold Projects. The Cloncurry site has provided with very encouraging results which have been substantiated with the high gold and copper results from several prospects.

The Sinking Sun prospect results were in the range of 0.58 to 24.1% Cu and 0.4 to 1.14 g/t Au. An unnamed prospect had resulted in the range of 10.3 to 39.8% Cu and 0.58 to 2.88 g/t Au; Also, the Horse Creek prospect did result up to 6.2% Cu. Assays returned from the Ravenswood Gold Project included: at Finnerty’s East 7.44 g/t Au, and at the Cornishman, prospects results in the range 2.49 – 4.36 g/t Au.

As for the quarter ended 30 September 2018, the Company held approximately $28,000 in cash and had access to an undrawn facility of $1,095,000 under the loan facility agreement entered into with ASF Group Limited in November 2017.

Meanwhile, the share price of the company has risen by 198.51 percent in the past six months as on 11 December 2018. AIV’s shares traded at $0.20 with the market capitalization of circa $35.45 Million as on 2 January 2019 (AEST 02:21 PM).

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