QX Resources Limited (ASX: QXR) has announced that Bayrock Resources Limited has successfully completed its rights issue to raise A$1.8M through the issue of new shares at A$0.03 per share.
Existing Bayrock shareholders subscribed for ~A$600,000 under the rights issue. QXR was the underwriter and following the conversion of QXR-provided secured loans to Bayrock, and fees payable to QXR, QX Resources Limited now holds a ~39% interest in the issued capital of Bayrock.
Further details of the underwriting agreement are set out in the Annexure to the company’s announcement dated 8 May 2023. Bayrock has a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt, and copper. Bayrock is now fully funded to carry out its planned exploration activities at the Lainejaur Ni-Cu-Co project and the Northern Nickel Line projects, Sweden.
Additionally, Bayrock has engaged a Scandinavian drilling company to mobilize a diamond drill to its Vuostok project, a near surface nickel-copper project within the Northern Nickel Line projects.
Approximately 15 shallow drill holes (~450m) are planned at the Storbodsund Deposit within the Vuostok project, where high-grade nickel and copper was previously intersected 70 years ago in a flat-lying deposit of near-surface sulphides (within 20m of surface), covered by a thin veneer of glacial moraine.
To find out more, please visit www.qxresources.com.au
