Belararox Raises $3.85 Million in Oversubscribed Placement

Belararox Limited (ASX:BRX) (“Belararox” or “the Company”) is pleased to announce a placement (“Placement”) raising $3,850,000 at $0.55 per share (before costs). The Placement received strong support from both new and existing sophisticated and professional investors (Investors). Subject to shareholder approval, investors in the Placement will also receive a 1 for 1 attaching Listed Option (ASX:BRXO).

 
• Oversubscribed share placement undertaken, with firm commitments to raise A$3.85 million.
• The new equity will help fund a range of tasks that are expected to be progressively completed over the next 6-12 months.
• Belararox remains on track to release its initial Inferred Resource for the Belara Project in October 2022.

The new equity will help Belararox progress its exploration strategy.

The Company proposes to use the funds raised under the Placement to complete:

i. Results and interpretation of the DHEM and FLEM conducted from holes surveyed at Belara and Native Bee confirming extensions to known massive sulphide mineralisation;

ii. The initial Inferred Resource for Belara Project;

iii. The Phase 2 drilling programme to extend resources at Belara Project and drill exploration extensions south of Native Bee as identified in the Prospectivity model;

iv. Other geophysical surveys across the whole circa 640 sq km Belara tenement package;

v. The ongoing review and evaluation of other related high value projects presented to Belararox; and

vii. General working capital requirements.

Belararox’s Non-Executive Chairman, Neil Warburton, commented: “The overwhelming support received by existing and new shareholders vindicates the exploration and resource potential of the Belara Project identified by the Company. We are excited to now commence the final planning for the Phase 2 drill program once the DHEM and FLEM surveys have been interpretated and following on from the release of the initial Resource in late October.”

Click here for the full ASX Release

This article includes content from Belararox Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.