Rox Resources (ASX:RXL) is expected to scale down subscriptions for its oversubscribed share purchase plan (SPP), which opened on Nov. 22, according to a Monday filing with the Australian bourse.

The SPP secured subscriptions of AU$2.3 million, which will be scaled back to the AU$1 million target, the filing said.

Proceeds from the SPP and the two-tranche AU$26 million placement will be used to advance the development of the Youanmi gold project in Western Australia, an earlier filing showed.

The company's shares rose past 3% in recent Monday trade.

Price (AUD): $0.16, Change: $+0.01, Percent Change: +3.22%