.NET 3.5 ActiveX dll InteropServices.COMException

Using vs2008 .NET 3.5 SP1

I am trying to use an ActiveX dll in my c# console application project and I am getting this runtime exception:

System.Runtime.InteropServices.COMException (0x800702E4): Retrieving the COM class factory for component with CLSID {4E58088E-7275-4EAA-8958-A9CCC971DDE9} failed due to the following error: 800702e4.

How do I go about finding out a solution to this issue?

I have used regasm.exe to register to DLL previously and it registered successfully.

name of DLL is interop.sterling.dll

simple code:

using SterlingLib;

  public class OrderPlacer
    {
    private void SendOrder()
        {
            var order = new SterlingLib.STIOrder();
        }
}

I added the reference to this DLL by browsing to it and adding it as a reference - then placing in the /bin/debug folder

using reflection:

SterlingLib.STIOrderClass is a class whose base class is System.__ComObject
     It implements the following interfaces
         SterlingLib.ISTIOrder
         SterlingLib.STIOrder

SterlingLib.STIOrder is an interface

I am running Vista so I think this may be a UAC issue not allowing full rights unlike it would if I was running XP.

0x800702e4 suggests that the process must be run with elevated privileges.