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Fox Resources substantial shareholders increase stake

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Fox Resources (ASX: FXR) substantial shareholder Shay Nee Chong and associated interests have increase their interest in the company to 19.97% from 12.21%.

Chong, who owns the bulk of the shares through Breeton Pty Lrd and Zashvin Pty Ltd, had subscribed for 41 million shares at $0.04 per share through Zashvin.

The share subscription was accompanied by a $360,000 converting loan repayable through the issue of a further 9 million shares at the same price.

This formed the bulk of the $2.65 million Fox had secured in equity funding to progress its exploration program on its base metals tenements in Western Australia’s Pilbara region and repay debt.

Separately, Fox had agreed with Magnetic South, a company that is also associated with Chong, to vary its expenditure commitment as Fox’s partner on the Mt Oscar Joint Venture.

Magnetic South’s expenditure commitment to obtain its 60% farm-in interest will now be $18 million over the 10 year period from February 2011 to February 2021.

Chong was formerly associated with the Jellinbah East coal mine in the Bowen Basin, Queensland, which he sold his 23.3% interest in September 2007 for an estimated $270 million.

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