FOX Resources has reached an in principle agreement to raise $2.48 million from institutional and sophisticated investors through a share placement at 58 cents a share.
The funds will be used to fast track drilling at Radio Hill and explore the Mt Sholl nickel sulphide deposits.
The placement will be completed in two tranches.
The first tranche will be an issue of about 1.6 million shares raising about $924,000. Those shares will go out as soon as possible and the funds are due to hit the company’s coffers no later than September 9.
Those shares are being issued pursuant to Fox directors’ 15 per cent placement authority.
The second tranche of about 2.7 million shares to raise about $1.56 million is subject to shareholder approval at a general meeting.
Firm commitments for tranche one and two have been received.
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