A summary of what appears to be a remarkable deal for Fox.
Fox gets $3 million up front PLUS another $5 million from the issue of new shares. These shares have been issued at a remarkable premium at 15c per share. They even accepted oppies (free attaching) but these have a 30c strike price and fall at the same time as other oppies on Mar 2011 (just over a month)!!! If in the money, another %10 mill in FXR's bank account.
Huge vote of confidence from the Chinese investor.
Fox gets to keep a 40% interest even though the JV partners are spending up to $20 mill over the next 5 years and then concentrate on taking advantage with record ore prices by getting their initial projects back in to production, plus some more exploration.
Where is the downside here???
FXR Price at posting:
11.0¢ Sentiment: ST Buy Disclosure: Held
