11:18 AM EDT, 06/27/2024 (MT Newswires) -- Robex Resources ( RSRBF ) said Thursday it raised $126.5 million as it closed a best-efforts offering of share units.

The company said it placed 58.28-million units in the financing, with each priced at $2.17 and made up of a share and a two-year warrant to buy a second share for $2.55.

"The company plans to use the net proceeds for the development of the Kiniero Project, including continuing the development of the early works programs and procurement of the long lead items; replenishing the working capital as a result of the repayment of US$15.5 million under the US$35-million bridge facility provided by Taurus Mining Finance Fund No. 2 L.P.; infilling the Mansounia project and other exploration expenditures; funding the Kiniero updated feasibility study to include the Mansounia property and further pit and process optimization; and general and administrative as well as working capital," the company noted.

Additionally, the company appointed Matthew Wilcox as managing director and chief executive officer of Robex.

The news comes as the company is set to accelerate the development of the Kiniero Gold Project with the expected first gold poured in the fourth quarter of 2025.

The company's shares were last seen down $0.05 to $2.70 on the TSX Venture Exchange.

Price: 2.71, Change: -0.04, Percent Change: -1.45