PNX has executed agreements with sophisticated investors and received commitments from Company Directors to raise a total of $3.36 million before costs via the placement of approximately 421 million ordinary shares at a price of 0.8 cents per share.

The Placement consists of two tranches ($2.1 million and $1.26 million) and investors are entitled to one free option (‘Option’) for each share subscribed, with the issue of the second tranche of shares and all the Options subject to approval by PNX shareholders.

The Placement includes $2 million from new cornerstone investor Delphi Unternehmensberatung Aktiengesellschaft, a German investment company, as well as $0.25 million from each of Sochrastem SA and Potezna Gromadka, existing PNX substantial shareholders.   PNX directors have also committed to providing $115,000 collectively.

Funds raised will accelerate zinc and precious metals exploration drilling in the NT and progress the Hayes Creek Project feasibility studies.