The company received commitments to place 35 million new shares at 20c each, an 11.1% discount to the last closing price.

Canaccord Genuity and Rawson Lewis acted as joint lead managers to the placement, with Argonaut Securities as co-manager.

The company's two largest shareholders, former joint venture partner Venus Metals Corporation (17.9%) and US fund Hawke's Point Holdings (8.8%) will participate in the placement, pending shareholder approval.

Hawke's Point committed to subscribe for $1.49 million worth of shares to increase its stake to just under 10%.

Rox directors will subscribe for $120,000 worth of shares, subject to shareholder approval.

Rox managing director Robert Ryan said the support for the placement in challenging market conditions was a testament to the quality and potential of Youanmi.

Youanmi, where Rox recently increased its ownership to 100%, has a resource of 3.2 million ounces at 3.57 grams per tonne gold with two discoveries made this year.

"Consolidating the ownership over the Youanmi gold project and regional tenure position places Rox in a highly strategic position," Ryan said.

"An in-depth targeting process is underway over the consolidated regional tenure that incorporates all available geochemical data and new geophysical targets that extend from north of the Youanmi mine area to well south of the high-grade Penny West gold mine.

"With the infill drilling already conducted this year, we're well positioned to update the mineral resource estimate, which will provide the basis for the prefeasibility study of a mine restart."

The PFS is due to be completed next year and will build on the October 2022 scoping study, which outlined a $99 million operation to produce 71,000 ounces of gold per annum at all-in sustaining costs of $1538 an ounce.

Shares in Rox dropped 6.7% to 21c, giving the company a market capitalisation of $68.7 million.