Perth-based explorer Rox Resources Ltd has announced plans to raise $6 million to advance its lead and zinc exploration activities in Laos.
Perth-based explorer Rox Resources Ltd has announced plans to raise $6 million to advance its lead and zinc exploration activities in Laos.
Rox has interests at the Nam Yen prospect, among others, at the Pha Luang project.
The company's immediate plans are to:
1. Continue to drill at Nam Yen and Bon Noi, wet season permitting;
2. Complete soil sampling over the area between Nam Yen and Bon Noi;
3. Complete geological mapping of the many identified occurrences of mineralisation; and
4. Drill new targets identified by soil sampling and mapping.
The placement, of 13.3 million shares, will be to professional and sophisticated investors in two tranches at an issue price of $0.45 and will rank equally in all respects with shares currently on issue.
The first tranche of 6.4 million shares will be issued immediately to raise $2.88 million, while a further 6.93 million shares to raise $3.12 million will be issued subject to shareholders approval at a general meeting.
The placement will be managed by Bell Potter Securities Limited
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ROX RAISES $6.0 MILLION TO ACCELERATE DRILLING OF LEAD-ZINC DISCOVERY IN LAOS
The Board of Rox Resources Limited (ASX: RXL) ("Rox") is pleased to announce a placement managed by Bell Potter Securities Limited to raise $6.0 million. This will enable Rox to accelerate exploration at its Pha Luang lead-zinc discovery in Laos.
Following the placement Rox will have approximately 56.37 million shares on issue and cash in the order of $7.2 million.
The Nam Yen prospect at Pha Luang has returned numerous excellent wide drill intersections from shallow depths viz:
PLR009: 6 metres grading 11.6% combined Pb+Zn, from 4 metres, plus 11 g/t Ag
PLR010: 8 metres grading 8.7% combined Pb+Zn from 16 metres, plus 14 g/t Ag
PLR015: 33 metres grading 11.4% combined Pb+Zn from 4 metres, plus 19 g/t Ag
PLR016: 27 metres grading 10.5% combined Pb+Zn from 3 metres, plus 23 g/t Ag
PLR025: 19 metres grading 8.6% combined Pb+Zn from 17 metres, plus 36 g/t Ag
Nam Yen is only one of four major soil anomalies delineated to date at the Pha Luang project.
In addition to the soil anomalies there are a large number of known occurrences of mineralisation that are yet to be mapped and soil sampled.
Rox's immediate plans are to:
1. Continue to drill at Nam Yen and Bon Noi, wet season permitting;
2. Complete soil sampling over the area between Nam Yen and Bon Noi;
3. Complete geological mapping of the many identified occurrences of mineralisation; and
4. Drill new targets identified by soil sampling and mapping.
The placement of 13,333,334 shares will be issued to professional and sophisticated investors in two tranches at an issue price of $0.45 and will rank equally in all respects with shares currently on issue. The first tranche of 6.40 million shares will be issued immediately to raise $2.88 million, while a further 6.93 million shares to raise $3.12 million will be issued subject to shareholders approval at a General Meeting.
Detailed information on all aspects of the Company, including the Pha Luang Project can be found on the Company's website www.roxresources.com.au.
ABOUT ROX
Rox is a Perth-based exploration company with a portfolio of projects in Laos and South Africa.
In Laos, Rox is exploring the Pha Luang lead-zinc project where high grade drill intercepts of lead and zinc have been made at the Nam Yen prospect, and has first right of refusal over a number of other prospective resource projects. Laos is a rapidly growing economy on the Indo-China peninsula, located close to markets in Thailand, China and Vietnam. Several Australian mining companies are enjoying outstanding success operating in Laos, benefiting from the policies of the very supportive government.
In South Africa, Rox has a number of alluvial and kimberlite diamond projects.