Cash for Rox and Youanmi

EXTENSIVE recent marketing in Europe, North America and Australia by MD Alex Passmore and a gold find that’s showing some promise has seen Rox Resources launch a A$12.7 million fundraising.
Cash for Rox and Youanmi Cash for Rox and Youanmi Cash for Rox and Youanmi Cash for Rox and Youanmi Cash for Rox and Youanmi

Youanmi, WA

The raising comprises a $8.7 million placement and $4 million share purchase plan pricing new shares at 2.4c each.

That pricing is about is a 7-11% discount to recent trades, but well up on the 1c the stock was at 12 months ago.

The ongoing strength in the gold market and Rox's discovery of Grace at Rox's Youanmi joint venture in Western Australia has boosted interest in the stock.

Rox plans to use $3 million of the new funding to pay Youanmi partner Venus Metals for another 20% of the joint venture, taking its stake to 70%.

Rox also plans to increase its exploration spend at Youanmi by about $4.25 million, while $2 million will be allocated to its nickel ground.

The Grace gold mineralisation was found in an atypical geological setting at Youanmi, and is seen as underpinning Rox's ambitions to start an operation at the infrastructure-rich project.

At a price of 2.7c last week before the stock went into a trading halt, Rox was capitalised at $39 million.