PNX Metals (ASX:PNX) has raised almost $2.81 million from acceptances of more than 936.56 million new shares at an issue price of $0.003 per share, representing a 63.2% take-up including oversubscriptions.
The non-renounceable pro-rata rights issue, previously announced in January, closed at on 20 February with the company’s largest shareholder, DELPHI Unternehmensberatung Aktiengesellschaft, taking up its full entitlement.
The non-renounceable pro-rata rights issue … closed at on 20 February with the company’s largest shareholder, DELPHI Unternehmensberatung Aktiengesellschaft, taking up its full entitlement
PNX Metals reports this demonstrates a strong commitment to and confidence in the company’s projects and NT development strategy from DELPHI.
The company will continue with exploration and development activities at its 100% owned Fountain Head gold, and Hayes Creek gold, silver zinc projects, located in the Pine Creek region, 170km from Darwin.
PNX will now complete and submit mine management plans, and progress approvals and engineering for its Hayes Creek Zinc-Gold-Silver Project. Near-mine and regional exploration will re-start shortly with a focus on 2 newly identified highly prospective ‘gold’ corridors containing multiple high-priority drill targets on the northern leases within the Burnside exploration project.
New shares under the rights issue will be issued on 27 February 2023. The total shortfall is about 544.8 million shares and the company directors may consider the placement of the shortfall within 3 months of the 20 February closing date.
PNX Metals holds a large tenement portfolio containing a unique mix of zinc, gold and silver assets less than 170km south of Darwin in the Pine Creek region of the Northern Territory.
The company’s current priority is completion of feasibility work and approvals processes relating to the rapid development of its Fountain Head gold and Hayes Creek zinc-gold-silver projects in parallel with regional exploration.
Total contained gold in PNX’s projects is now close to 400,000oz, and included in the polymetallic ore at Hayes Creek is a further 16.2Moz of silver and 180,000t of zinc, all Mineral Resources have been reported in accordance with the JORC Code (2012) and are situated on 100% owned granted Mining Licenses.
