Fox River Resources Corporation (CSE: FOX) is pleased to announce the closing of the previously announced non-brokered private placement. The Offering was fully subscribed for 7,500,000 common shares of the Company at a price of $0.40 per Share for gross proceeds of $3,000,000.

The proceeds will be used to advance Fox River’s Martison Phosphate Project in Ontario, with a focus on better understanding ore variability, finalizing the PPA process, additional metallurgical test work, geophysical surveying, and advancing the proposed fertilizer conversion complex, as well as for working capital and general corporate purposes. The Shares issued pursuant to the Offering are subject to a four month and one day hold period, in accordance with applicable securities laws. After closing the Offering, the Company has an unaudited cash balance of approximately $6,300,000.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

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.