Rox Resources says it has raised $3.3 million in a placement to support continued exploration at its Fisher East nickel project in the north eastern Goldfields.
The company will issue 73.3 million new shares priced at 4.5 cents each to institutions and sophisticated investors.
The placement will include one free attaching option for every eight shares with a strike price of eight cents expiring on March 31, 2017.
Managing director Ian Mulholland said investors in the placement represented a combination of existing and new shareholders.
"The additional funds raised in this share placement will enable us to follow up our very exciting reverse circulation drilling results recently announced from the Musket nickel sulphide prospect (which forms part of the Fisher East project in WA) with a more thorough and deeper diamond drilling program," he said.
Rox shares were off 0.2 cents, or 4.17 per cent, to 4.6 cents at 11am.