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PNX Metals wraps up oversubscribed Share Purchase Plan

PNX is now well-funded after receiving strong support from shareholders.

Hayes Creek is located in the Pine Creek region of the Northern Territory

PNX Metals Ltd (ASX:PNX) has received strong support from shareholders in an oversubscribed Share Purchase Plan (SPP).

The SPP raised $600,000, and when added to the recent placement, in total delivered the company with a capital injection of $3.2 million.

The new funds will be used to undertake a significant near-mine and regional exploration program focussed on new discoveries across the company's Hayes Creek Project area in the Northern Territory.

A Pre-Feasibility Study has confirmed Hayes Creek to be a high value, relatively low risk and technically strong development opportunity for the company.

PNX will now also progress the Definitive Feasibility Study on the project that is expected to be completed in 2018.

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

PNX Metals Ltd (ASX:PNX) managing director and CEO James Fox speaks to Proactive Investors about the multi-commodity exploration and development company's Northern Territory operations. The company is focused on the development of its flagship Hayes Creek zinc-gold-silver project, and...

on 26/6/18

2 min read