The acceptances represent a take-up of about 41% of the shares offered at an issue price of 0.6 cents per share.
This includes participation by a number of major shareholders, including Delphi which took up its full entitlement together with the board and management of PNX.
Pursuant to the underwriting agreement, Delphi will be allocated the remaining shortfall of 539,073,425 shares for a total consideration of $3,234,441.
Following completion of the rights issue, Delphi’s shareholding in PNX will be about 40.6% on an undiluted basis. New shares under the rights issue will be issued on May 20, 2019.
PNX managing director James Fox said: “On behalf of the board of PNX, I would like thank all our shareholders who have participated in this rights issue which will enable the company to progress its flagship Hayes Creek zinc-gold-silver project, including completion of the definitive feasibility study, and ongoing assessment of the high-grade Fountain Head gold project.
“We are grateful for the continued strong support of our major shareholders, and Delphi’s underwriting commitment for the rights issue is particularly appreciated.”