Rafex Gold Files Resale Offering on Australian and Malaysian Leases
The Wyoming explorer is marketing existing shares tied to Bendoc, Mt Bute, Rutherglenn and Aur Gading.
Rafex Gold Corp. (RAFX) filed a resale registration covering shares that existing holders may sell at market or privately negotiated prices. The company will receive no proceeds from those sales.
The Wyoming corporation, formerly American Resources Corporation and later Sakha Enterprises Corp., focuses on gold and iron ore exploration in Australia and Malaysia. Its four primary assets are the Bendoc, Mt Bute/Ballarat, Rutherglenn and Aur Gading projects. Through a merger with Triple Twenty Pty, Ltd., the company brought in Australian leases, and a later combination with Rafex Pty Ltd. added Malaysian operations.
Bendoc spans the Bonang, Clarkville and Bendoc goldfields, much of it crown land where logging was active until recently. Drilling at Victoria Star has indicated unmined high-grade veins and stockwork zones that the company says could suit shallow open-cut mining, with mineralization tied to a north-south fault system that is largely unexplored by modern techniques. Mt Bute/Ballarat sits near west-dipping faults known for Victorian gold deposits; basalt cover has limited past work, and the company points to prior CRA results beneath that cover. Rutherglenn, centered on a rural Victorian town, has a history of underground high-grade placer mining and an unidentified primary gold source. Aur Gading, held through Rafex Pty Ltd., is an iron ore project in Malaysia operated under an agreement with Datgeo Minerals Sdn Bhd and Datgeo Sdn Bhd.
The prospectus warns that investing in the common stock involves a high degree of risk. Because the offering is a resale, the company’s near-term cash position is not supported by the transaction itself, leaving exploration and development of the four leases dependent on other funding and on the geological results the company says modern surveys should help deliver.