Disappointing but not surprising.This massive 1,150 km + 65km strike in prime gold country with multiple high-grade hits was so prospective that WA mines funded the last drilling campaign.
It has been sold for a bargain price to a small-cap company, HTM.
HTM shares jumped a well-deserved 12% today.
HTM will raise the cash or IPO Fisher to get around $10m to explore it thoroughly.
Ex-CEO Ryan wanted Rox to IPO, and CFO Chris Hunt, who had successfully floated Cannon, was ready to do so.
But Rox are in a hurry to restart Youanmi and an IPO is a distraction, plus Hunt is no longer there, and the new CFO has no background in IPOs.
Retail holders would have been beneficiaries of an IPO but that probably wasn’t a consideration
Fisher did have to go because Rox is focused on Youanmi and has held Fisher for too long.
WA Mines increase their fees to hold a tenement over time.
Fisher was costing Rox $1m PA so Rox gets some cash and also saves some.
As disappointing as the share price is today, the upward trend is intact imo.
(20min delay)