Cannon Resources’ A$6 Million IPO

Thomson Geer has advised Cannon Resources Limited.

Cannon Resources Limited completed its demerger from Rox Resources Limited (Rox) and commenced trading on the Australian Securities Exchange, following completion of a successful, Initial Public Offer to raise $6 million. 

The demerger unlocks the value of Rox’s Fisher East and Collurabbie Nickel Projects for shareholders, allowing Rox to focus on its gold assets. Rox shareholders will retain exposure to the Fisher East and Collurabbie Nickel Projects through their in-specie shares in Cannon and any shares they subscribed for as part of Cannon’s IPO.

The Cannon IPO will generate future opportunities for the growth and development of the Fisher East and Collurabbie Nickel Projects and will play a crucial role in Cannon achieving its objectives by providing the Company with valuable capital to fund the future exploration of its tenements and working capital requirements.

Cannon Resources Limited (ASX: CNR) is a mineral exploration company established to implement a demerger undertaken by newly refocused gold exploration and development company, Rox for the purpose of maximising the value of and accelerating work on the Fisher East Nickel and the Collurabbie Nickel Projects.

The Thomson Geer team included partners Scott Gibson (Picture) and Hedley Roost and lawyer Ryan Gava.

Involved fees earner: Ryan Gava – Thomson Geer ; Scott Gibson – Thomson Geer ; Hedley Roost – Thomson Geer ;

Law Firms: Thomson Geer ;

Clients: Cannon Resources Limited ;

Author: Sonia Carcano