Rox Resources (ASX:RXL) is expected to scale down subscriptions for its oversubscribed share purchase plan (SPP), which opened on Nov. 22, according to a Monday filing with the Australian bourse.
The SPP secured subscriptions of AU$2.3 million, which will be scaled back to the AU$1 million target, the filing said.
Proceeds from the SPP and the two-tranche AU$26 million placement will be used to advance the development of the Youanmi gold project in Western Australia, an earlier filing showed.
The company's shares rose past 3% in recent Monday trade.
Price (AUD): $0.16, Change: $+0.01, Percent Change: +3.22%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.