Rox Resources (ASX:RXL) completed the first tranche and share purchase plan as part of a AU$27 million capital raise, according to a Wednesday Australian bourse filing.

It will seek shareholder approval for the second tranche at a general meeting on Jan. 20, the filing said.

The mining firm will use the proceeds of the fundraising to accelerate near-mine growth drilling through a drilling program of about 35,000 meters as well as to finalize the feasibility study, among other things.