PNX Metals Ltd (ASX:PNX) (FRA:4P1) has been granted a trading halt by the ASX with a capital raising announcement upcoming.
The halt will remain in place until the beginning of ASX trade on Monday, January 25, or when an announcement is released to the market, whichever occurs earlier.
Buoyed by continuing Delphi support
PNX’s major shareholder Delphi Unternehmensberatung AG increased its holding in the company to 46.97% with a series of investments during 2020.
German-based Delphi, which is majority-owned by Heidelberg investor Wilhelm KT Zours, purchased 324,072,407 shares at 0.6 cents each in the company’s rights issue that raised more than $3.167 million.
Delphi’s purchase on December 24 represented its full entitlement and was valued at more than $1.944 million.
It now holds more than 1.62 billion PNX shares for a 46.97% stake, up from 44.38%.
As part of the capital raising initiative, PNX issued 527.9 million new shares at 0.06 cents each in the rights issue in combination with a placement to raise more than $5.437 million.
Delphi also participated in the placement by acquiring 233.33 million new placement shares at 0.6 cents each for a total of $1.4 million.