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Rox completes $8.74 million share placement and launches $4.0 million share purchase plan

share placement

Rox Resources Limited (“Rox” or the “Company”) is pleased to announce that it has received binding commitments from institutional and sophisticated investors to raise gross proceeds of A$8.74m by way of a share placement (“Placement”). Taylor Collison and Canaccord Genuity acted as Joint Lead Managers to the Placement. Tamesis Partners LLP acted as European Bookrunner. The Placement was significantly oversubscribed.

  • A$8.74 million institutional placement completed to underpin growth plans at the Youanmi Gold and Fisher East Nickel Projects  
  • A$3.0 million allocated to increase Rox’s interest in the Youanmi OYG JV from 50% to 70%  
  • Placement demand strongly supported by Australian and European institutional investors  
  • A total of 364.48 million new shares to be issued at $0.024, representing a 11.1% discount to last closing price

A total of 364.48 million fully paid ordinary shares will be issued at a price of $0.024, which represents a 11.1% discount to the last closing price and a 6.9% discount to the 15-day VWAP of Rox’s shares.

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With this Placement the Company welcomes several new institutional investors to its share register, providing a strong endorsement for the Company’s growth strategy in both gold and nickel.

The Company will also offer a share purchase plan (“SPP”) to raise up to $4.0 million from eligible shareholders at the same price as the placement. Together the Placement and SPP are expected to raise gross proceeds of up to $12.74 million, placing the Company in a strong position to ramp up exploration and resource development programs.

Proceeds from the Placement enables Rox to increase its ownership of the Youanmi OYG JV from 50% to 70%. As contemplated by the Term Sheet with Venus Metals Corporation Ltd the Company will also move to assume management of the regional JVs once this option is exercised and its interest in the regional JV’s is earned. This collectively will see Rox well-positioned to drive an accelerated exploration strategy across the largest tenement package in the highly prospective Youanmi greenstone belt.

Managing Director, Mr Alex Passmore, commented: “Rox is delighted with the strong institutional support for the Placement. I also look forward to a high level of interest in the SPP. The Company is now very well positioned to increase its interest in the Youanmi OYG JV to 70%, which is progressing towards development, and to aggressively accelerate its regional exploration programs across both its gold and nickel projects.”

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