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Fox River Closes $2.88M Strategic Investment

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Fox River Closes $2.88M Strategic Investment

 

 

 

 

 

Fox River Resources Corporation (CSE: FOX) is pleased to announce the closing of the previously announced non-brokered private placement with a strategic investor that resulted in the Strategic Investor holding, after giving effect to the Offering, 9.9% of the issued and outstanding common shares of Fox River on a non-diluted basis. The Strategic Investor subscribed for 7,200,000 common shares of the Company at a price of $0.40 per Share for gross proceeds of $2,880,000. The proceeds will be used to advance Fox River’s Martison Phosphate Project in Ontario, working capital and general corporate purposes.

 

Concurrently with closing of the Offering, the Strategic Investor and Fox River entered into an investor rights agreement that provides, among other things, the Strategic Investor with certain rights in the event it maintains minimum ownership thresholds in the Company, including: (i) the right to participate in equity financings; (ii) top-up rights in the event of dilutive issuances; and (iii) the right (which the Strategic Investor has no present intention of exercising) to nominate one person to the Company’s Board of Directors.

 

The Shares issued to the Strategic Investor pursuant to the Offering are subject to a four month and one day hold period, in accordance with applicable securities laws.

 

ABOUT FOX RIVER

 

Fox River owns a 100% interest in the Martison Phosphate Project, located near Hearst, Ontario. The Martison Phosphate Project hosts the Anomaly A deposit which forms the basis for a positive preliminary economic assessment with an effective date of April 21, 2022.

 

Posted November 28, 2024

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