Fox river closes $2.88 million strategic investment
Published by Emilie Grant,
Editorial Assistant
World Fertilizer,
Fox River Resources Corp. has announced the closing of the previously announced non-brokered private placement with a 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 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.
Read the article online at: https://www.worldfertilizer.com/project-news/28112024/fox-river-closes-us288-million-strategic-investment/
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