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PNX Metals gains flexibility through receipt of ASX waiver

The issue of shares to Marilei International Ltd is at $0.015 per share.

Picture of cash
PNX Metals had $1.9 million in cash at December 31, 2017

PNX Metals Ltd (ASX:PNX) has received a waiver from the ASX allowing the company a two month extension to issue 80 million shares to Marilei International Limited.

This issue relates to a debt for equity swap agreement to settle a loan announced to the ASX on 7 September 2017 in conjunction with a placement and share purchase plan.

READ: PNX Metals bags cash from oversubscribed raising for zinc exploration

The strengthening of PNX’s balance sheet via the placement and share purchase plan has assisted the company in progressing the Hayes Creek Zinc-Gold-Silver Project.

The reason for the extension is to allow time for the Foreign Investment Review Board (FIRB) to approve the issue of shares to Marilei.

The transaction is expected to be completed on or before March 25, 2018.

There are no amendments to the terms of the transaction which involves the issue of 80 million shares at $0.015.

Decision provides clarity and certainty

The placement and associated transactions placed PNX in a debt-free position.

This continues to be the case with the company having cash on hand of $1.9 million as at December 31, 2017.

The company also expects to receive a $400,000 research and development claim in March.

Quick facts: PNX Metals Ltd

Price: 0.014 AUD

ASX:PNX
Market: ASX
Market Cap: $34.09 m
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