Fox Resources in halt over raising

Hannans Reward suitor Fox Resources has entered a trading halt pending the release of capital raising details.

The halt comes as the company last week revealed a $3.38 million private placement to various investors, including Northmead Holdings which bought 2 million shares at 13 cents each.

In a note to the Northmead, Fox said funds generated from the $3.38 million raising was to fund working capital requirements.

Shares in Fox last traded at 16.5 cents before it entered the trading halt. It did not specify when it expects the halt to be lifted.

Last month, Fox launched an all-scrip offer for Hannans Reward, offering one of its shares for every two Hannans shares.

Shares in Hannans closed untraded at 15 cents today.