PNX is pleased to announce that 80 million ordinary shares have been issued to settle a $1.2 million loan, completing a debt for equity swap totalling $1.8 million first announced in Sept 2017. $0.6m of convertible notes were settled in late November 2017.
The agreement to convert debt into PNX shares at an average price of 1.73 cents per share represents a premium of 48% to PNX’s 5 day VWAP at the time of the announcement of the transaction and a 33% premium to PNX’s closing share price of 1.3 cents on 12 February 2018.
PNX has also now received its 2017 R&D tax refund of $0.4 million. The Company is now debt-free and well positioned to continue development of its Hayes Creek zinc-gold-silver project.