West Australian focused gold exploration and development company, Rox Resources Limited (ASX: RXL), is pleased to provide an update on the demerger and listing of its subsidiary, Cannon Resources Limited (“Cannon”), on the ASX by way of an Initial Public Offering (“IPO”).
- Cannon Resources IPO is on track to successfully list on or around the 10th of August 2021.
- Eligible Rox shareholders have been issued an in-specie distribution of approximately 81% of the shares Rox holds in Cannon Resources.
Cannon lodged a prospectus with the Australian Securities & Investments Commission on 26 May 2021 to raise $6.0 million to progress the Fisher East and Collurabbie projects as a new standalone nickel and base metals focussed company.
Funds have been received from existing Rox shareholders and new subscribers to raise the full $6.0 million. Demand for the shortfall offer was exceptionally strong (multiples of the commitments sought).
Rox Resources Managing Director Alex Passmore commented:
“We are very pleased with the strong demand and broad support shown for the Cannon Resources IPO. This transaction unlocks the value of Rox’s nickel and base metal assets for shareholders. Rox is focussed on resource growth and development activities at the Youanmi Gold Project where we are aiming to deliver a high-grade producing gold mine. Rox investors will retain exposure to the nickel and base metal assets through their pro-rata holding in Cannon and shares they subscribed for as part of its IPO.”