Subiaco-based Aurox Resources Ltd has raised a further $15 million from an offshore institution, after announcing the raising of $75 million through a placement yesterday.
In an announcement, the company said the increase reflected the institution's delayed participation in the placement offer, which now comprises 50.33 million shares at 85 cents and the same number of convertible notes at 95 cents.
The company aims to commence production on its magnetite iron ore projects in late 2009.
The full text of a company announcement is pasted below
Aurox Resources Limited [ASX Code: AXO] announces it has raised a further $15 million in addition to the placement announced yesterday taking the total amount raised to $91 million.
The increase reflects the delayed participation in the capital raising by one offshore institution, which was not able to complete within the initial timetable.
Commenting on the further placement, Aurox's Managing Director Charles Schaus said: "We are delighted to welcome an additional offshore institution to our register taking the total raising to $91 million," he said.
The placement now comprises:
- 50.33 million new ordinary shares at $0.85 each; and
- 50.33 million new convertible notes at $0.95 each.
Further details on the placement and shareholder approvals are contained in the Company's announcement dated 11 July 2007.
