RE:Good postThis is correct, they do have a placement arrangement, however you are actually incorrect regarding IFC having 'not sold anything'. With 23.2m shares still in hand at a cost of 0.70 I would expect them to liquidate additional holdings. They state they are holding them for 'investment purposes' but they reserve the right to change their minds. I'd keep an eye on sedar for another 'early warning' doc... which, might I add is ironic that it was issued on the 13th after they had sold their shares.
See below excerpt from the July 13th Early Warning Release on Sedar:
State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence. On July 11, 2016 IFC sold, and disposed of ownership and control over, a total of 15,461,676 common shares of Roxgold (the “Sold Shares”) at a price of CDN$1.55 through the facilities of the Toronto Stock Exchange for total gross proceeds of CDN$23,981,059.48. On July 12, 2016, IFC initiated the exercise of 12,891,676 warrants to acquire 12,891,676 common shares of Roxgold.
and
IFC previously held 25,783,352 common shares representing approximately 7.3% of the total issued and outstanding common shares of Roxgold. On July 12, 2016, IFC initiated the exercise of 12,891,676 warrants to acquire 12,891,676 common shares of Roxgold. As result of these transactions, IFC holds 23,213,352 common shares of Roxgold representing approximately 6.3% of the total issued and outstanding common shares of Roxgold.
So IFC still holds 23.2 million shares. Anything above