03:16 PM EST, 11/27/2024 (MT Newswires) -- Fox River Resources ( FXRVF ) , unchanged but trading shy of 52 week highs, closed Wednesday the the non-brokered private placement of 9.9% of the issued and outstanding common shares of Fox River on a non-diluted basis.

The strategic investor subscribed for 7.2 million common shares of the company at a price of $0.40 per share for gross proceeds of $2.88 million.

The proceeds will be used to advance Fox River's Martison Phosphate Project in Ontario, working capital and general corporate purposes.

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