Photo by: Bloomberg
PERTH (miningweekly.com) – Explorer Rox Resources has raised A$4.5-million in a share placement.
The company announced on Friday that it had placed about 104.6-million shares, in a single tranche, priced at 4.3c a share. The funds raised would allow the company to continue the exploration and development plans at its Fisher East nickel project, in Western Australia, where the company recently announced a 100% resource upgrade.
“We are extremely pleased with the response we have received both from existing and new investors. The majority of this placement has gone to well-regarded domestic and international investment fund managers, which demonstrates the excellent potential of our projects,” said Rox MD Ian Mulholland.
He noted on Friday that the company’s ongoing work at Fisher East would now include follow-up drilling to increase the mineral resources at the Musket and Camelwood deposits, as well as the Cannonball and Cutlass prospects.
The Fisher East nickel project currently has a mineral resource of 3.6-million tonnes, grading 2% nickel for 72 100 t of contained nickel.