PNX has finalised the first of a significant series of transactions comprising a Placement, Share Purchase Plan and Debt for Equity Swap which will leave PNX debt-free and well-funded for a significant upcoming exploration program and to advance the Hayes Creek Project in the NT.
- $1.9 million Placement completed which was significantly oversubscribed
- $0.6 million Share Purchase Plan to be offered to eligible shareholders
- Total new capital of up to $2.5 million is in addition to the $0.8 million recently secured from the forward sale of silver from the Hayes Creek Project
- Subject to necessary approvals, existing PNX debt of $1.8 million to be converted to PNX shares at an average share price of 1.73 cents, a strong premium of 65% to the Placement price