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Rox Resources mulls sale of interest in Reward zinc project for A$14.8M

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Rox Resources mulls sale of interest in Reward zinc project for A$14.8M

IM Medical Ltd. subsidiary IMI Zinc Exploration Pty. Ltd.intends to acquire Rox ResourcesLtd.'s 30% interest in the Reward zinc-lead project in the Northern Territory,Australia, for A$14.8 million.

Rox has 30 days to complete due diligence on the offer,which comprises A$12.8 million in shares of IM Medical, and A$2.0 million incash. The offer will remain open until Aug. 17, Rox said July 19.

The offer is conditional upon Rox's joint venture partner,Teck Australia Pty.Ltd., waiving its pre-emptive right to the interest.

The sale also requires the signing of a formal agreement,shareholder and regulatory approvals, and IMI Zinc having liquid assets of atleast A$6 million.

According to the statement, IM Medical, which has beensuspended since Dec. 29, 2015, intends to seek reinstatement on the ASX and undertakea capital raising of up to A$12 million, provided that the transaction goesthrough.

As part of the capital raising, Rox has agreed to issue upto 240 million options, at a 3 Australian cents exercise price with athree-year term, to investors on the basis of 4 Rox options for every IMMedical share subscribed.