Rox Resources Raises AU$7 million for Youanmi Gold Project Expansion

Rox Resources Limited (ASX: RXL) has successfully raised AU$7.0 million through a share placement at an issue price of AU$0.20 per share. The placement is a result of a strategic agreement with Venus Metals Corporation, giving Rox a majority tenure over the gold-rich Youanmi greenstone belt in Western Australia. Key shareholders, Venus Metals Corporation and Hawke’s Point, participated in the placement. The funds raised will support various initiatives including advancing the pre-feasibility study for the Youanmi mine restart, further drilling of nearby targets, and exploration of high-priority prospects.

The issue price represents discounts to recent closing and VWAP prices. While challenging market conditions were acknowledged, Rox Resources' Managing Director, Mr Robert Ryan, expressed satisfaction with investor response, attributing it to the quality and potential of the Youanmi Gold Project. Consolidation of ownership over the project enhances the company's strategic positioning for extensive regional exploration.

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