TORONTO, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Fox River Resources Corporation (the “Company” or “Fox River”) (CSE: FOX) is pleased to announce the closing of the previously announced non-brokered private placement (the “Offering”) with a strategic investor (the “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 (the “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. Additional information can be found at www.fox-river.ca or under Fox River’s profile on SEDAR+.
For further information, please contact:
Stephen D. Case
President & Chief Executive Officer
Tel: (416) 972-9222
www.fox-river.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Fox River Resources Corporation, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, exploration risk and Covid-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
