Major DELPHI shareholder Wilhelm K.T. Zours exercised the 74,000,000 options for 15 cents per share.
DELPHI now holds 1,062,956,294 shares with a voting power of 41.81%, up from 40.61%
Funding in place
Earlier this month PNX received $1.1 million from the exercise of 74 million options with an exercise price of 1.5 cents by DELPHI.
The company has also signed subscription agreements with sophisticated investor shareholders to raise a further $0.5 million before costs via the placement of about 33.3 million ordinary shares, also at a price of 1.5 cents per share.
The funds will be used to significantly advance feasibility studies and approvals for a heap leach operation as a low-cost, scalable option for generating early cashflow from the Fountain Head gold project
Recent drilling results
The company recently released excellent near-surface gold assay results from drilling at the Fountain Head gold Project
New zones of broad, high-grade gold mineralisation near surface in the area between the Fountain Head and Tally Ho mineral lodes over a strike extent of approximately 100m, include 14 metres at 9.22 g/t from 17 metres.
Feasibility and technical studies relating to project approvals are ongoing, with the submission of an environmental impact statement expected in late April.