Robex nixes $300,000 financing Chinese venture to get cash infusion

Ste-Foy, Que.-based Robex Resources (RBX-M) says “technical reasons” forced it to cancel a $300,000 financing plan a little more than a month after it was announced.

However, the company raised $500,000 in a series of earlier financing deals. The money was raised through private investors, who paid between 26 and 33 per unit. Each unit consisted of one share and one warrant expiring in 18 months. Prices of warrants at expiry range between 34 and 43. As a result of the financings, Robex will issue 1.8 million shares and 1.8 million warrants.

The funds will be spent on definition drilling at the company’s Diangounte gold project in Mali, West Africa.

Inter-Citic Mineral Technologies (ICI-V) has closed a private placement worth $3.65 million.

The financing consisted of 4.8 million units priced at 75 each. A unit consists of one share and a half-share warrant. Two warrants entitle the holder to buy an additional share at 85.

Proceeds will be used to close a proposed joint venture in China to mine industrial minerals for the world automotive and high-tech sectors.