Roxmore Completes C$32.6 Million Private Placement to Advance Converse Gold Project

Roxmore Closes Private Placement

Roxmore Resources Inc., formerly known as Axcap Ventures Inc., has successfully completed a non-brokered private placement, generating gross proceeds of C$32,640,000. This significant capital infusion was achieved through the issuance of 13,600,000 common shares priced at C$2.40 each.

Investor Interest Drives Increased Offering

The company increased the size of the offering by C$2,640,000 owing to strong demand from investors, reflecting the growing confidence in Roxmore's projects. With this financial backing, Roxmore plans to enhance the development of the Converse Gold Project, a prominent gold mining initiative located in Nevada.

Plans for Fund Utilization

The proceeds from the private placement will primarily be directed towards a comprehensive work program over the next 18 months. Key actions include:

Conducting approximately 30,000 meters of core and reverse circulation (RC) drilling for resource infill and expansion.

Initiating a re-assay program to integrate silver grades into future resource estimates.

Beginning baseline studies and preliminary permitting activities.

Executing hydrogeology and geotechnical drilling.

Carrying out detailed metallurgical tests to further support development.

Strategic Importance of Converse Gold Project

The Converse Gold Project is recognized as one of the largest undeveloped gold deposits in Nevada. It boasts significant measured and indicated mineral resources, making it a critical focus for future investment and development for Roxmore. The company is particularly excited about welcoming three cornerstone institutional investors, including L1 Capital, which could bolster future fundraising and project advancement.

Regulatory Details

All common shares issued as part of this offering are subject to a statutory hold period that will expire on July 3, 2026. Roxmore has also incurred advisory fees of C$974,000 alongside finder's fees amounting to C$360,000 in connection with the financing.

Key Takeaways

Roxmore has raised C$32.6 million through a private placement of 13.6 million common shares.

The funds will primarily enhance development activities related to the Converse Gold Project in Nevada.

Plans include extensive drilling and new resource assessments to strengthen project viability.

The interest from institutional investors highlights confidence in Roxmore's potential.

Common shares are subject to a holding period until July 3, 2026.