Belararox (ASX: $BRX) A$4m placement announcement

Belararox Limited (ASX: $BRX) has successfully secured firm commitments to raise A$4 million through a single tranche placement to advance the highly promising TMT project in Argentina. The placement comprises approximately 14.3 million new fully paid ordinary shares at A$0.28 per share, along with one free attaching listed option for every two shares issued.

Belararox's Managing Director, Arvind Misra, on the A$4m placement

On behalf of the Belararox Board, I would like to thank our existing shareholders for their ongoing support and welcome new shareholders as we continue to explore for significant copper and gold resources in the abundant San Juan province of Argentina. I'd also like to acknowledge the Lead Managers for ensuring a successful outcome to this capital raising. The TMT project in Argentina presents an exciting copper/gold project which is shaping up to contain world class drill targets. This additional funding allows the Company to expedite its current exploration program, ahead of the commencement of drilling in 2H2024.

Belararox's A$4m placement and outlook

Belararox Limited (ASX: $BRX) has successfully raised A$4 million through a placement, providing the necessary funding to advance the highly promising TMT project in Argentina. The placement enables ongoing exploration, including geological mapping, surface sampling, and geophysical surveys on significant copper/gold priority targets at the TMT project, as well as establishing infrastructure in readiness for the initial drill program. The TMT project, situated in an underexplored area between two renowned metallogenic belts, presents significant potential for copper and gold resources. With the additional funding, Belararox aims to expedite its current exploration program and commence drilling in the second half of 2024. The Company expresses gratitude to existing shareholders for their support and welcomes new shareholders to participate in the exploration for valuable resources in Argentina's San Juan province.