Canamens Opens Wallet for Ravninnoe Exploration Program in Kazakhstan
The Directors of Roxi reported that further to the Ravninnoe farm-out agreement announced on November 19, 2008 and approved by Roxi shareholders on December 22, 2008, Canamens has exercised its option to fund the Ravninnoe work program and has therefore paid US $8.5 million into an escrow account.
In addition, Roxi is due to receive the initial advance payment of US $5 million from Canamens in respect of the BNG farm-out arrangements announced on January 19, 2009 once the Kazakh authorities have registered a charge over the group company that holds the interest in the BNG asset. This is expected to be completed within the next few days.
Roxi remains in contact with a number of potential strategic partners with the aim of securing a strategic financing package later this year,
The operational funding secured through the Ravninnoe farm-out transaction will be used, to run detailed exploration programs through 2009. Roxi and Canamens are in discussions as to the most effective operational plans for exploring BNG.
Rob Schoonbrood, Chief Executive Officer commented, "We are delighted to now be in a position to implement our plans for Ravninnoe and will imminently have additional funds to assist in the development of the Company's other assets."