VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 11, 2011) -Fox Resources Ltd. (TSX VENTURE:FAX) Fox Resources is pleased to announce that it has agreed to complete a non-brokered private placement of 3,120,000 units (a "Units") at $0.30 per Unit for gross proceeds of $936,000, subject to acceptance by the TSX Venture Exchange. Each Unit is comprised of one common share and one-half of one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of 18 months at a price of $0.45 per common share.
The financing will be taken up by a group of strategic investors who been supporters of Fox Resources in the past. Insiders of Fox Resources will also be participating. The securities will have a four-month hold from closing.
The financing proceeds will be used reviewing new acquisition and exploration targets, and general corporate purposes. A finder's fees of 7% cash and 10% warrants will be paid on a portion of these offerings.
On behalf of the Board,
Mark T. Brown, CA, Director, President
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to drilling plans, timing of our planned NI 43-101 resource report, timing of assays, resource estimates, projections, our planned exploration and drilling programs, the availability of future financing for exploration and other plans, projections, estimates and expectations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Mark T. Brown
President
(604) 687-3520