viewPNX Metals Ltd

PNX Metals completes rights issue to progress Hayes Creek zinc-gold-silver project

Substantial holder Delphi’s shareholding in PNX will increase to about 40.6% on an undiluted basis.

PNX is completing a definitive feasibility study

PNX Metals Ltd (ASX:PNX) has received acceptances for 371,111,697 new shares under its underwritten non-renounceable pro-rata rights issue, for a total consideration of $2,226,670.

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.

READ: PNX Metals launches rights issue of up to $5.48 million to fund Hayes Creek DFS completion

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.”

Quick facts: PNX Metals Ltd

Price: 0.011 AUD

Market: ASX
Market Cap: $26.79 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of PNX Metals Ltd named herein, including the promotion by the Company of PNX Metals Ltd in any Content on the Site, the Company receives from...


2 min read