Rox Resources is heading into 2023 cashed up after receiving A$3.8 million for its 8,553,130 Cannon Shares, following the successful takeover of Cannon by Kinterra Battery Metals Mining Fund.
Funds from the Cannon Takeover, added to the recently completed Tranche 1 Placement (A$3.3 million) and Share Purchase Plan (A$4.4 million), gives Rox a nest egg to progress resource drilling, near mine exploration and feasibility studies at the Company’s flagship Youanmi Gold Project.
Rox can expect a further A$1.2 million through an issue of shares to major shareholder Hawke’s Point, subject to the Company obtaining shareholder approval at a general meeting which is expected to be held in February 2023.
