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Rox and Venus shareholders approve deal

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Photo by Reuters

23rd June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The shareholders of ASX-listed Rox Resources and Venus Metals Corporation have backed the Youanmi gold project plans,

Rox and joint venture (JV) partner Venus earlier this year entered into a binding agreement to consolidate their respective ownership in the project, with Rox to acquire Venus’ gold interests in each of its Youanmi JVs, which includes 30% of OYG JV, 45% of Youanmi JV and Currans Find JV, and 50% of Venus Metals JV for consideration of 110-million fully paid ordinary shares in Rox.

Venus will retain its non-gold interests in the Youanmi JV, Currans Find JV and Venus Metals JV, as well as its interests in its non-Youanmi gold assets.

The transaction would result in the consolidation of the gold rights held by Rox and Venus into a single ownership structure.

“The tremendous support from shareholders indicates that consolidation of the JV interests in the 3.2-million-ounce Youanmi gold project under Rox’s 100% ownership is a logical and important step towards unlocking the full potential of the Youanmi gold project,” said Rox MD Rob Ryan on Friday.

“Rox has enjoyed a strong start to 2023, highlighted by the transformational consolidation of the Youanmi gold project, positive in-fill drilling to convert existing inferred resources to indicated status and the potentially game-changing discoveries at Paddy’s Lode and Midway.

“On behalf of the board and leadership team, I would like to thank shareholders for their continued support and look forward to providing further updates as we progress the Youanmi gold project through what is expected to be a very exciting period for Rox moving forward.”

Edited by Creamer Media Reporter

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