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PNX Metals' board of directors participate in non-renounceable rights issue

The funding will see the company through a transformative period over the next 12 months as it progresses its Hayes Creek project to a low-cost, high-margin zinc and precious metal mine.

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The company is completing a DFS at its Hayes Creek Project in the NT

PNX Metals Ltd’s (ASX:PNX) board of directors have shown faith in the company with Graham Ascough, Paul Dowd, Peter Watson and David Hillier acquiring fully paid ordinary shares in a non-renounceable rights issue.

The non-renounceable rights issue was announced in April to raise $5.48 million towards its Hayes Creek Zinc-Gold-Silver Project, including completion of the definitive feasibility study and ongoing assessment of the high-grade Fountain Head Gold Project.

READ: PNXs’ German substantial shareholder Delphi increases stake to 40.6%

PNX chairman Graham Ascough acquired 4,149,951 shares worth $24,899.71 and now holds more than 11.06 million shares in indirect interests.

PNX non-executive director Paul Dowd purchased 8,007,990 shares worth more than $48,000 and now holds more than 21.85 million shares in indirect and indirect interests.

PNX non-executive director Peter Watson purchased 6,11,484 shares and now holds more than 16.31 million shares in direct and indirect interests.

READ: PNX Metals completes rights issue to progress Hayes Creek Zinc-Gold-Silver Project

PNX non-executive director David Hillier acquired 3,946,430 shares worth more than $23,670 increasing his securities to 10,500,001 fully paid shares in indirect interests.

Quick facts: PNX Metals Ltd

Price: 0.007 AUD

ASX:PNX
Market: ASX
Market Cap: $17.05 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