The company has approached corporate advisory firm PCF Capital to advise it on the proposed plans.
The proposed sale is part of the company’s strategy to focus on its Western Australian nickel and base metal projects.
Located 20km to the North of Bundaberg, the Bundaberg project is said to host inferred coking coal resource of 101 million tons.
Fox Resources said: "An independent valuation obtained for the recent rights issue provided a preferred value of $17.9m within a range of $15.5m and $21.5m for the Bundaberg Coking Coal Project."
The company’s nickel and base metal projects include the Radio Hill, Sholl deposits and the Osborne exploration target in Pilbara.
Fox Resources’ geological team will continue to assist Magnetic South in targeting gold at the White Quartz Hill prospect and evaluate various VTEM targets on the Mt Oscar joint venture tenement.
