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PNX Metals receives firm commitments for the full placement of the non-renounceable pro-rata rights issue shortfall, raising $1.2 million before costs

Government approvals for drilling at Fountain Head have been received and the company looks forward to kicking off a busy and productive program of work in late February.

PNX Metals Ltd - PNX Metals receives firm commitments for the full placement of the non-renounceable pro-rata rights issue shortfall, raising $1.2 million before costs
The issue price for the shortfall shares was $0.006 per share, being the same price as the rights issue

PNX Metals Ltd (ASX:PNX) (FRA:4P1) has received firm commitments for the full placement of the non-renounceable pro-rata rights issue shortfall, raising $1,213,732 before costs, pursuant to the non-renounceable pro-rata rights issue, which closed on 17 December 2020. 

The shortfall share placement of 202,288,626 new shares, was managed by 180 Markets Pty Ltd, Australia’s newest capital raising platform, and received strong support from institutional and sophisticated investors. 

Busy and productive work program

PNX managing director James Fox said: “To see such strong support for the shortfall share placement is a testament to the quality of PNX’s NT projects and the company’s development strategy.

“This funding will be directed towards near-mine and regional exploration, including testing newly defined high-priority gold exploration targets at PNX’s Fountain Head and Burnside exploration Project.

“Government approvals for drilling at Fountain Head have now been received and we look forward to commencing a busy and productive program of work in late February.

“Execution of a formal sale and purchase agreement relating to the Glencoe gold deposit is expected to be finalised by 29 January 2021 and will provide a new ‘bolt-on’ asset that has the potential to significantly expand the company’s resource base.”

Use of funds 

The issue price for the shortfall shares was $0.006 per share, being the same price as the rights issue.

The shortfall shares are expected to be issued on 29 January 2021 and will be completed without shareholder approval under the rights issue pursuant to listing rule 7.2 exception 3.

Funds raised from the shortfall share placement will be directed towards near-mine and regional exploration at PNX’s 100%-owned Fountain Head Gold Project, the Glencoe Gold Project and the Burnside regional exploration Project, where PNX recently identified several new high priority gold exploration targets.

 

Quick facts: PNX Metals Ltd

Price: 0.0075 AUD

ASX:PNX
Market: ASX
Market Cap: $27.39 m
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PNX Metals Ltd's (ASX:PNX) (FRA:4P1) James Fox speaks to Proactive's Andrew Scott after announcing they're undertaking a capital raising exercise comprising a placement and rights issue to raise up to $6.67 million. It's to advance its exploration and development strategy focused on gold and...

on 1/12/20

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