Rox already has approval to issue 10% of its shares and now seeks approval to expand its capacity to issue new shares to 25%, potentially raising around $15m. Rox currently has around $15m in cash and cash equivalents. The last time Rox sought permission to issue shares was in November 2020 at the beginning of discussions with Hawke's Point to bring them onboard as cornerstone investors. Alex has recently signalled that they are seeking more investments from Instos. This could mean (at worst) a 25% dilution. of our holdings but position Rox very well for meeting Capex requirements for its new mill (or buying out Venus?). Both these are game changers for Rox. Having prior approval enables the company to move quickly and negotiate with surety. Alex has done well in the past in securing good financial deals for the company. I voted in favour of Resolution 2.
RXL Price at posting:
36.5¢ Sentiment: Buy Disclosure: Held
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