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PNX Metals bags cash from oversubscribed raising for zinc exploration

PNX will now be debt free and well-funded for zinc exploration.

PNX drill core

PNX Metals Ltd (ASX:PNX) has completed a $1.9 million oversubscribed placement at $0.0105, and will offer a share purchase plan to raise up to $600,000 at the same price.

The company will also undertake debt for equity swap with existing debt holders Marilei International Limited and Sochrastem SA, who have been long time shareholders.

The existing PNX debt of $1.8 million will be converted to PNX shares at $0.0173, a strong premium of 65% to the placement price.

PNX is now well-funded and will be debt-free to advance its Northern Territory based zinc projects.

The company will now commence an intensive zinc and precious metals exploration program.

James Fox, managing director, commented:

"This is a significant series of transactions for PNX, which when all are completed will provide the company with a strong, debt-free balance sheet, and consequently a robust platform for growth of the business.

"We are very pleased with the support from new and existing investors and are looking forward to commencing an aggressive and high-impact regional and near-mine exploration program at our Burnside and Hayes Creek projects in the Northern Territory with the aim of further enhancing and extending the Hayes Creek Project."

The recently published PFS over Hayes Creek confirms the strong potential for the project to become a significant future low-cost, high-margin zinc and precious metals mine.

READ NOW: PNX Metals study confirms high-value zinc mine

Quick facts: PNX Metals Ltd

Price: 0.006 AUD

Market: ASX
Market Cap: $14.61 m

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PNX Metals drilling prospects near Hayes Creek Project as DFS continues

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on 26/6/18

2 min read