• Firm commitments to raise A$8.5 million from existing and new investors
• Funds will be used for drilling in Botswana, geophysics and targeting in Argentina, and general working capital
• Placement includes participation by Directors and management, subject to shareholder approval

Belararox Ltd (ASX: BRX) has received firm commitments to raise approximately $8.5 million (before costs) via a two-tranche placement to sophisticated and professional investors. The placement comprises the issue of 94.44 million new fully paid ordinary shares at an issue price of A$0.09 per share, along with 1 free attaching option for every 2 shares subscribed, exercisable at $0.15 on or before 3 years from issue. Tranche 1 will be issued using the company's available placement capacity, with tranche 2 shares and options subject to shareholder approval. The placement also included participation by Directors and management, which will be subject to shareholder approval. The funds raised, along with existing cash, will allow ongoing drilling at the Kalahari Copper Belt (KCB) project in Botswana, geophysics and targeting upgrades at the TMT project in Argentina, and general working capital. The company has already commenced active drilling of 10 holes in the KCB, led by an experienced team, and is scheduled to commence geophysics in October at Toro South and Tambo South in Argentina ahead of a December drilling program. The placement was strongly supported, reflecting growing confidence in Belararox's strategy and the world-class potential of its projects.

The funding positions Belararox to unlock discoveries capable of delivering substantial value for shareholders through its exploration programs in Botswana and Argentina.