ASX-RXL Materials

Rox Resources (ASX:RXL) Announces A$40 Million Institutional Placement

ClubAI 3:58 pm

Institutional Placement Secured

Rox Resources has raised approximately A$40 million (before costs) through a two-tranche institutional placement to new and existing international and domestic investors. The placement results in a proforma cash position of A$57.1 million (before costs), significantly derisking the Youanmi Gold Project.

Use of Funds

The funds will accelerate key development activities, including early underground development for United North and Pollard declines, rehabilitation of the Youanmi Main portal, advance infrastructure works, detailed design and engineering of the process plant, and additional dewatering projects.

Executive Comments

Managing Director & CEO Phill Wilding stated, “The Youanmi Gold Project is shaping up as a significant, high-grade gold mining operation, and Rox Resources is gaining global recognition as an Australian gold growth story. The Placement capitalises on this momentum, with the level of support from existing and new shareholders being a testament to the strength of the Youanmi Gold Project, and the team that will deliver it.”

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Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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