PYX Resources Ltd (LSE:PYX, NSX:PYX) has received a £20mln investment commitment from GGY Global Yield LLC SCS, an international alternative investment firm, with the funds earmarked to support the upgrade of mining operations and production volumes.
The AIM-quoted company, which produces premium zircon, in a statement announced the "tailored agreement" which sets out the terms of the investment – in which PYX retains control of the amount and timing of drawdowns over a 36-month period.
"The investment commitment is a major milestone in our financing strategy and will enable us to accelerate our previously announced growth plans,” said PYX chief executive Oliver B Hasler.
“We look forward to implementing our vision to become the leading zircon producer globally".
In the statement, PYX noted that GGY oversees a wide range of developing market investment vehicles.