Aurox Resources Limited

Published : September 04th, 2009

Secures $10m Equity Placement Facility

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4 September 2009

 

AUROX SECURES $10M EQUITY PLACEMENT FACILITY

 

Pilbara metals developer, Aurox Resources Limited (ASX : AXO)(Aurox or the Company) is pleased to announce that is has today secured a A$10,000,000 facility with US-Based Investment Fund YA Global Master SPV Ltd (YA Global).

 

Under the terms of the facility, Aurox may, at its discretion, issue shares to YA Global at any time over the next 60 months, up to a total of A$10,000,000.  Aurox may draw down up to A$300,000 in any period of 10 trading days.

 

Shares issued to YA Global will be priced at the higher of:

 

(a)      the lowest daily volume weighted average price (VWAP) of Aurox shares traded on each of the 10 trading days following the issue of a drawdown notice by Aurox; and

(b)      the minimum acceptable price specified by Aurox in the relevant draw down notice, subject to certain conditions.

 

A commission of 4.5% will be payable by Aurox at the time of issue.

 

Aurox is free to obtain additional or alternative financing elsewhere and there will not be any restrictions or penalties. 

 

Aurox Managing Director, Charles Schaus said that whilst the Company’s cash position is strong and there is no immediate requirement for short term funding, it is ideal to have a competitive-priced source of funding available at short notice as a contingency measure.

 

”It significantly reduces the Company’s medium-term funding risk whilst increasing flexibility,” Mr Schaus said. 

 

“Having a substantial equity placement facility available on tap, regardless of market conditions, clearly demonstrates the strength and quality of the Company and its Balla Balla Project.

 

“It would allow the Company to strategically raise capital on favourable terms at a time of its choosing.”

 

Managed by US-Based Yorkville Advisors LLC, the YA Global Group of Funds has a solid reputation in the US and UK financial markets and a rapidly growing reputation in Australia for structuring convertible loans and equity participation agreements.  To date, the YA Global Group has made available in excess of over $300,000,000 for over 20 ASX‑listed companies.


 

For more information contact:

 

Charles Schaus                                                

Managing Director                                           

Telephone +61 (0)8 9382 4477                           

 

Warrick Hazeldine

Purple Communications

Telephone +61 (0)8 6314 6300

 

 

Aurox Resources Limited

DEVELOPMENT STAGE
CODE : AXO.AX
ISIN : AU000000AXO6
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Aurox Res. is a gold and copper development stage company based in Australia.

Aurox Res. develops gold, copper, iron, titanium and vanadium in Australia.

Its main asset in development is BALLA BALLA in Australia and its main exploration properties are INDEE SOUTHWEST and YALGOO WADGINGARRA & CARLAMINDA in Australia.

Aurox Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 143.1 millions as of today (US$ 145.4 millions, € 114.0 millions).

Its stock quote reached its highest recent level on July 20, 2007 at AU$ 1.55, and its lowest recent point on December 19, 2008 at AU$ 0.07.

Aurox Res. has 196 044 413 shares outstanding.

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Project news of Aurox Resources Limited
7/1/2008(Balla Balla)(ASX: AXO) Aurox Delivers 46% Resource Increase at Balla Bal...
4/29/2008(Balla Balla)Balla Balla Mineral Resources Upgrade and Drilling Progress
1/25/2008(Balla Balla)MOVES TOWARD CONSTRUCTION AT BALLA BALLA - LUMP SUM CONTRACT...
1/16/2008(Balla Balla)BALLA BALLA EXPLORATION UPDATE - DRILLING TARGETS SIGNIFICAN...
Corporate news of Aurox Resources Limited
9/4/2009Secures $10m Equity Placement Facility
6/23/2008(ASX: AXO) Advances with Major Port Agreement
6/3/2008Balla Balla Ore Reserves Increase by 49 percent
5/16/2008Accelerates Balla Balla Phosphate Study
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AUSTRALIA (AXO.AX)BERLIN (DR4.BE)
0.730+3.55%0.0000
AUSTRALIA
AU$ 0.730
08/13 00:56 0.030
3.55%
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253,722 -%
24hGold TrendPower© : 22
Produces
Develops Iron - Titanium - Vanadium
Explores for Aluminum - Copper - Gold - Iron
 
 
 
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