By Reuben Adams
Friday, 19 June 2015
ROX Resources’ has successfully completed a $3.2 million over-subscribed share purchase Plan (SPP) as it works toward development of the Fisher East nickel project.
The company will also complete an additional top-up placement of $700,000 on the same terms as the SPP.
Rox managing director Ian Mulholland said it was pleasing to receive such strong support from the company’s shareholders in such tough market conditions.
“We look forward to further rewarding this support by continuing active exploration on our high quality projects, and working towards development of the Fisher East nickel sulphide project,” he said.
About $2.4 million of the funds will be used to acquire 100 per cent ownership of the Fisher East project tenements, with the remainder to be used for general working capital.
A February scoping study showed the Fisher East project – which has defined a mineral resource of 3.6 million tonnes grading 2 per cent nickel – was “financially robust with low technical risk”.
In June, Rox announced the discovery of a new nickel sulphide zone at the Sabre prospect, and the delineation of a potential mineral resource at the Cannonball prospect.
Rox also planned to advance its copper project at Bonya in the Northern Territory with a drilling program in the third quarter of 2015.