Rox lands $3.3M in share placement to fund nickel project in Australia

March 18
7:24 AM 2014

Rox Resources has scored $3.3 million in a recent share placement. The company will use the proceeds from the transaction to support its Fisher East nickel exploration in the northeast Goldfields, according to The West Australian.

Ian Mulholland, the managing director of Rox, explained: "The additional funds raised in this share placement will enable us to follow up our very exciting reverse circulation drilling results recently announced from the Musket nickel sulphide prospect (which forms part of the Fisher East project in WA) with a more thorough and deeper diamond drilling program."

Mulholland also said the group of participating investors is made up of both previous and new shareholders. Under the terms of the deal, Rox will issue 73.3 million of its news shares to institutions and investors at $0.045 apiece, the report detailed.

Rox Resources Ltd is an exploration firm based in Australia. It is involved in gold-nickel, zinc-lead, copper, and phosphat projects across the Western and Northern Territories of the country, according to the company's web profile.

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