PNX Metals Ltd (ASX:PNX) cornerstone investor and existing substantial shareholder DELPHI Unternehmensberatung Aktiengesellschaft has exercised its unlisted options in the company.
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.