The Company is pleased to advise that it has received $1.1 million from the exercise of 74 million options with an exercise price of 1.5 cents (’Options’) by cornerstone investor and existing substantial shareholder DELPHI Unternehmensberatung Aktiengesellschaft.

The Company has also signed Subscription Agreements with sophisticated investor shareholders to raise a further $0.5 million before costs via the placement of approximately 33.3 million ordinary shares, also at a price of 1.5 cents per share (‘Placement’).

The exercise price of the Options and the Placement price represent a significant premium to PNX’s last closing price on the ASX.