CMX
Chemx Materials Limited
ASX
Response to ASX Price Query
Sentiment:
Price Query Response
7 November 2024 1:19 AM
ChemX Materials Ltd (ASX:CMX) responded to an ASX price query regarding unusual trading activity, stating it's unaware of any undisclosed information that could explain the price fluctuations and is in discussions for potential capital raisings but hasn't finalized any agreements.
Capital raise
ChemX is in discussions with third parties regarding potential capital raisings.
No formal agreements have been reached for any capital raising.
Summary
- ChemX Materials Ltd (ASX:CMX) received a price query from the ASX on November 7, 2024, due to unusual trading activity in its securities.
- The company's share price dropped from a high of $0.032 to an intraday low of $0.023 on November 7, 2024, with significant volume increase.
- ChemX stated it is not aware of any undisclosed information that could explain the recent trading activity.
- The company is in discussions with third parties regarding potential capital raisings, but no formal agreements have been reached.
- ChemX confirmed it is compliant with ASX Listing Rules, particularly Rule 3.1.
- The company's response was authorized by its board.
- ChemX appointed TritonLake as its global corporate and financial advisor on October 14, 2024.
Sentiment
Score: 5
Explanation: The response is neutral. While the company is actively seeking capital, the lack of concrete agreements and the unexplained share price drop create uncertainty.
Highlights
- Share price dropped from $0.032 to $0.023 on November 7, 2024.
- Significant increase in trading volume on November 7, 2024.
- ChemX is in discussions for potential capital raisings.
- No formal agreements for capital raising have been reached.
- ChemX confirms compliance with ASX Listing Rules 3.1.
- TritonLake appointed as global corporate and financial advisor on October 14, 2024.
Positives
- ChemX is actively pursuing potential capital raisings to meet its funding requirements.
- The company confirms its compliance with ASX Listing Rules.
- The company's response to the ASX query was authorized by its board.
Negatives
- Unusual trading activity in ChemX's securities caused a significant share price drop.
- High trading volume observed on November 7, 2024.
- No formal agreements have been reached regarding potential capital raisings.
Risks
- Uncertainty surrounding the reasons for the unusual trading activity.
- Potential delays or failure to secure capital raising agreements.
- The need for future capital raising to meet ongoing funding requirements.
Future Outlook
ChemX is actively pursuing potential capital raisings, but no formal agreements have been reached. The company expects to announce any agreements once finalized.
Management Comments
- The Company is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities.
- The Company and TritonLake are in discussions with third parties in relation to potential capital raisings, in line with the Company's ongoing funding requirements, but no formal agreements have been entered into and the Board has not resolved to undertake any form of capital raising at present.
Industry Context
This announcement reflects the challenges faced by many junior mining companies in securing funding. The unusual trading activity highlights the volatility in the small-cap market and the sensitivity of investor sentiment to news and speculation.
Next Steps
- ChemX will continue discussions with third parties regarding potential capital raisings.
- ChemX will announce any formal agreements or decisions regarding capital raising once finalized.
Key Dates
- October 14, 2024: ChemX appointed TritonLake as its global corporate and financial advisor
- November 7, 2024: ASX issued a price query letter to ChemX regarding unusual trading activity.
- November 7, 2024: ChemX responded to the ASX price query.
Keywords
Capital Raising, ASX Price Query, ChemX Materials, Trading Volume, Share Price, ASX Listing Rules, Corporate Finance, Financial Advisor
CMX
Chemx Materials Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
13 April 2025 9:55 PM
Insolvency Announcement
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Worse than expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is not ready to announce a Funding Update and Management Restructure, which is causing a delay in trading and is worse than expected.
Delay expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is delaying the release of the Funding Update and Management Restructure announcement.
- The trading suspension is being extended due to the delay in the announcement.
Delay expected
22 December 2024 5:25 PM
Trading Suspension Update
- The company's funding update and management restructure are taking longer than anticipated.
- Negotiations with relevant parties have caused a delay in the announcement.
Capital raise
18 December 2024 5:08 PM
Suspension Announcement
- The announcement is related to an update on funding, which could indicate a potential capital raise.
Capital raise
16 December 2024 5:06 PM
Trading Halt Request
- The trading halt is pending an announcement regarding an update on funding, which could indicate a potential capital raise.
Capital raise
11 December 2024 5:11 PM
Financing Agreement Update
- Mercer has approved ChemX to raise up to $500,000 in additional debt financing.
Worse than expected
27 November 2024 9:50 PM
AGM Presentation
- The announcement revealed unforeseen delays in the commissioning of the solvent extraction module of the pilot plant, pushing back the timeline for full operation.
Delay expected
27 November 2024 9:50 PM
AGM Presentation
- The commissioning of the 24tpa HPA Pilot Plant has experienced unforeseen delays in recent months, primarily due to the solvent extraction (SX) module awaiting electrical package installation.
Better than expected
13 November 2024 5:17 PM
R&D Funding Announcement
- The receipt of the R&D refund exceeding the amount of the Radium Capital facility was better than expected, resulting in a surplus for working capital.
Capital raise
7 November 2024 1:19 AM
Price Query Response
- ChemX is in discussions with third parties regarding potential capital raisings.
- No formal agreements have been reached for any capital raising.
Capital raise
30 October 2024 9:06 PM
Quarterly Report
- The company has appointed TritonLake as Corporate and Financial Advisors to assist with capital, financing and corporate advisory.
- The company believes it would be successful with raising additional capital.
Worse than expected
30 October 2024 9:06 PM
Quarterly Report
- The delays in the Solvent Extraction module of the pilot plant represent a setback from the expected timeline for commissioning.
Delay expected
30 October 2024 9:06 PM
Quarterly Report
- Delays were experienced in the construction of the Solvent Extraction (SX) module due to longer than expected lead times on key process equipment and delivery of critical electrical infrastructure.
Capital raise
24 October 2024 6:10 PM
Notice of Annual General Meeting
- The 7.1A mandate seeks shareholder approval to issue up to 10% of the company's issued capital in equity securities without further shareholder approval.
- The funds raised under the 7.1A mandate are intended to be used for the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital.
Capital raise
23 October 2024 5:19 AM
Annual Report
- The company raised \$1,616,600 through a share placement and share purchase plan.
- A \$6,000,000 convertible note funding facility was secured, with potential for further equity dilution upon conversion.
Worse than expected
23 October 2024 5:19 AM
Annual Report
- The company reported a net loss after tax of \$4.49 million, significantly higher than the previous year's loss of \$4.18 million, indicating worse than expected results.
Capital raise
30 July 2024 4:54 AM
Quarterly Activities Report
- The company has applied for an advance from a funding provider against expected CMX FY24 R&D claim for circa $440,000.
- The Company also has access to financial markets and believes it can successfully raise capital.
Capital raise
29 April 2024 7:02 PM
Quarterly Activities Report
- The company completed a $1.1M placement.
- A Share Purchase Plan (SPP) is ongoing, aiming to raise up to $500,000.
- Directors have committed to subscribe for 1,354,166 shares, subject to shareholder approval, under the Placement to raise an additional $65,000 at the same issue price.
Delay expected
21 April 2024 7:10 PM
Share Purchase Plan Extension Announcement
- The closing date of the SPP has been extended from April 23, 2024, to May 10, 2024.
Capital raise
2 April 2024 5:48 PM
Share Purchase Plan Announcement
- The document mentions that it is highly likely that further funding will be required to meet the medium to long term working capital costs of the Company.
- Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities.
Capital raise
13 March 2024 2:33 AM
Interim Report
- The company has access to a further $3,800,000 funding under its unsecured convertible note facility, subject to further agreement between the parties.
Worse than expected
13 March 2024 2:33 AM
Interim Report
- The company reported a net loss of $1,911,696 for the half-year ended December 31, 2023, which is worse than breakeven.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.