Fox raises $3.4m in private placement

Fox Resources has confirmed it has undertaken a $3.4 million private placement with funds to drive exploration across the company's nickel and copper projects.

The company said today that it has entered into binding agreements for a private placement of 26.311 million priced at a discounted 13 cents each to existing and new shareholders.

The capital raising comes within Fox's 15 per cent placement capacity rule.

Shares in Fox, which were previously in a trading halt, were down 1.5 cents to 15 cents at 11:45 AEST.

Last week, Fox revealed that Northmead Holdings bought 2 million shares as part of the private placement for $260,000.

Fox has launched a takeover for Hannans Reward, offering one of its shares for every two Hannans shares.

Fox also aims to resume production at its Radio Hill nickel operation in the Pilbara by the end of this year.