On 19 July 2016, Rox Resources Limited (ASX: RXL) ('Rox' or 'the Company') advised that IMI Zinc Exploration Pty Ltd ('IZE'), a wholly owned subsidiary of IM Medical Limited (ASX: IMI) ('IMI'), had made an offer to acquire Rox's interest in the Reward zinc-lead project in the Northern Territory for $14.8 million ('IMI Offer'). The IMI Offer comprises $2.0 million payable in cash and the issue of IMI shares valued at $12.8 million.
The IMI Offer is subject to a 30 day exclusivity period to allow Rox to complete due diligence and remains open for acceptance by Rox until 17 August 2016.
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