Belararox Limited raises AU$3,850,000 via a placement

Belararox Limited (ASX: BRX) announced that it had successfully completed a placement to both new and previous professional and sophisticated investors to raise AU$3,850,000. The placement includes the issue of approx. 7,000,000 fully paid ordinary shares at AU$0.55 per new share. The company will also issue one free attaching listed option for each share subscribed under the placement at an exercise price of AU$0.95 with an expiry date of 6 June 2024.

The proceeds from the placement will be used to fund the phase 2 drilling program to increase resources at its Belara Project and drill exploration extensions located south of Native Bee and other geophysical surveys at the Belara tenement package. Funds will also be used to continue reviewing and assessing other related high-value projects presented to the company and for general working capital requirements.

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