PNX Now Well-Funded to Advance NT Zinc Projects

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
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2017-09-07T12:18:23+09:30