Belararox (ASX:BRX) has received a binding commitment from a sophisticated investor for $2 million (before costs), through a placement of 33.33 million new fully paid ordinary shares at a price of $0.06 each.
The issue price reflects the price in the previous raise of $4 million announced on 5 May 2026 and represents a 25% premium to the current share price.
Each placement share comes with a free attaching option for every two shares subscribed for the ASX:BRXO class of shares, which have an exercise price of $0.15 and expire on 10 December 2028.
Belararox will use the funds to support exploration drilling and geophysics at the wholly owned Kalahari Copper Project, ongoing geological activities at the TMT Project in the San Juan Province of Argentina, and general working capital.
CEO Will Dix says that the company is “really pleased to have locked in this additional $2 million capital following the placement that we announced last month, and we welcome the new investor to our register”.
“It’s a perfect time to strengthen our treasury as we are about to embark on our maiden drilling program on the prospective northern areas of our Kalahari Copper Project in Botswana.”
A 5% fee will be paid to GBA Capital under the terms of the existing mandate.
Belararox is a mineral exploration company focused on securing and developing resources to meet the surge in demand from the technology, battery, and renewable energy markets.
Write to Amy Rotman at Mining.com.au
Images: Belararox
