By Sheri Kasprzak
New York, July 19 - Fox Resources Ltd. said it has completed a private placement for A$2.5 million. One of the company's directors also invested A$2.5 million in the form of a convertible loan.
Under the terms of the private placement, the company sold 7,142,858 shares at A$0.35 each to institutional investors.
The investors also received one option for every two shares purchased. The options are exercisable at A$0.75 each.
Findlay & Co. Stockbrokers Ltd. was the underwriter in the offering.
The proceeds will be used for exploration, development and working capital for the Radio Hill Mine.
To further finance work at that mine, one of the company's directors, Terry Streeter, invested A$2.5 million in the form of a convertible loan.
The loan is convertible into a total of 7,142,858 shares at A$0.35 each.
Streeter also received options for 4,166,667 shares, exercisable at A$0.60 each through Jan. 31, 2006.
The company received A$1 million of the loan in June and will receive the remainder in August.
Based in West Perth, Western Australia, Fox is a mineral exploration company.
| Issuer: | Fox Resources Ltd.
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| Issue: | Stock
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| Amount: | A$2.5 million
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| Shares: | 7,142,858
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| Price: | A$0.35
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| Options: | One option for every two shares purchased
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| Option price: | A$0.75
|
| Underwriter: | Findlay & Co. Stockbrokers Ltd.
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| Settlement date: | July 19
|
| Stock price: | A$0.35 at close July 19
|
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