Fox River Resources Corporation
CNSX : FOX

April 04, 2016 18:02 ET

Fox River Announces Non-Brokered Private Placement, Grant of Stock Options

TORONTO, ONTARIO--(Marketwired - April 4, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Fox River Resources Corporation (the "Company" or "Fox River") (CSE:FOX) announces that it intends to proceed with a non-brokered private placement of up to 6,000,000 common shares priced at $0.035 per share for gross proceeds of up to $210,000 (the "Financing"). The Company was granted a waiver by the Canadian Securities Exchange (the "CSE") of its minimum share issuance price policy to complete the Financing at $0.035, which is the volume-weighted average trading price of the Company's common shares for the 20 trading days ended March 31, 2016.

The proceeds of the Financing will be used for working capital and general corporate purposes. Closing of the Financing is subject to the receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange. In accordance with applicable securities legislation, all common shares issued pursuant to the Financing will be subject to a statutory hold period of four months from the date of issuance. The Financing is not subject to a minimum amount of proceeds, and may close in one or more tranches.

The Company also announces that on April 1, 2016 the Company granted incentive stock options in respect of an aggregate of 2,200,000 common shares to officers and directors of the Company. The options are exercisable at $0.05 per share for a period of five years.

ABOUT FOX RIVER

Fox River holds a 100% interest in the Martison Phosphate Project, located near Hearst, Ontario.

Contact Information

  • Fox River Resources Corporation
    Stephen Case
    President & CEO
    (416) 972-9222