Belararox has locked in a further A$2 million through a placement priced 25% above its current shares, boosting funds for copper exploration in Botswana and Argentina.
- A$2 million raised at A$0.06 per share, a 25% premium
- Total funds raised at this price now A$6 million
- Placement includes free attaching options exercisable at A$0.15
- Funds earmarked for drilling at Kalahari Copper and TMT Projects
- Shareholder approval required at July 10 general meeting
Strategic Investor Boosts Belararox Treasury Ahead of Drilling
Belararox Limited (ASX:BRX) has secured an additional A$2 million from a new strategic investor, paying A$0.06 per share; a notable 25% premium to the current trading price. This latest tranche lifts the total capital raised at this price to A$6 million, underpinning the company’s imminent exploration push at its Kalahari Copper Project in Botswana and ongoing work at the TMT Project in Argentina.
Chief Executive Officer Will Dix welcomed the fresh capital injection, highlighting the timing as ideal ahead of the maiden drilling campaign targeting northern zones of the Kalahari Copper belt. The company’s strengthened balance sheet positions it to advance its copper exploration ambitions in two continents.
Placement Structure and Shareholder Approval
The placement involves issuing 33.3 million new fully paid ordinary shares at 6 cents each, consistent with the previous A$4 million raise announced in early May. All shares will rank equally with existing stock and are subject to shareholder approval at the general meeting scheduled for July 10, 2026, in Perth. Alongside the shares, investors will receive free attaching options exercisable at A$0.15 with a December 2028 expiry, also pending shareholder consent.
A 5% fee will be paid to GBA Capital under the existing mandate, reflecting standard capital raising arrangements. The company’s approach to pricing the placement at a premium signals confidence in its valuation and prospects.
Deployment of Funds to Advance Exploration
Belararox plans to channel the proceeds primarily into exploration drilling and geophysical surveys at the Kalahari Copper Project, a high-potential asset located near MMG’s expanding Khoemacau copper hub. This follows a recent >1,000 km² airborne electromagnetic survey aimed at identifying new drill targets in the largely underexplored northern corridor.
Funds will also support geological activities at the TMT Project in Argentina’s San Juan Province, where the company has recently confirmed high-grade polymetallic zones and is preparing for further drilling campaigns. Additional capital will cover general working capital and costs associated with the placement offer.
This capital raising builds on the momentum generated by the company’s recent exploration successes and strategic initiatives, including refining structural models at TMT and expanding landholdings to bolster resource potential.
Bottom Line?
Belararox’s premium-priced placement strengthens its war chest just as it gears up for critical drilling programs that could define its copper exploration trajectory.
Questions in the middle?
- Will shareholder approval be secured smoothly at the July 10 meeting?
- How will the market react to the dilution impact versus premium pricing?
- What early results might emerge from the upcoming Kalahari drilling campaign?