Significant support shown by existing key shareholders and new investors is a strong endorsement of the
The proceeds of the Offer will be used to accelerate activities at the 100% owned Fountain Head gold and
Near-mine and regional gold exploration will also re-commence to test new exploration targets with the potential to host additional gold resources, identified during a recent geological review of the Company's significant exploration portfolio also located approximately 170km south of Darwin in the
Managing Director's Comments
PNX Managing Director
Exploration will be rapidly advanced, and will include drill testing newly identified target areas that lie within a three-kilometre radius of Fountain Head that have the potential to add materially to the existing gold resource base. We look forward to delivering on the potential for the Projects to create significant value for the Company's shareholders.'
Details of the Offer
The non-renounceable pro-rata Rights Issue will be undertaken on the basis of one (1) New Share for four (4) existing shares held, at an issue price of 6c (
The issue price of 0.6c under the Offer represents an approximate 30.69% discount to the volume weighted average market price of PNX shares for the five trading days prior to
Following the issue of the 378,333,333 shares relating to the Placement to eligible professional and sophisticated investors, the maximum number of New Shares to be issued under the Rights Issue is 730,238,702 (based on the undiluted share capital of
The Rights issue is expected to raise up to
Other Matters
New Shares being offered under the Rights Issue will be offered to registered holders of shares with registered addresses in
Existing shareholders can apply for additional New Shares above their allocated Entitlements in accordance with the Offer, provided that no shareholder will be able to increase its shareholding above 20% as a result of taking up shortfall.
Holders of existing options for PNX shares have been given notice of their right to exercise their options in order to be eligible to participate in the Rights Issue in respect of the shares underlying their options. The Rights Issue will be conducted without a prospectus in accordance with section 708AA of the Corporations Act 2001 (Cth) (Act).
The application for quotation of New Shares will be lodged with the ASX on completion of the Rights Issue.
Use of Funds
The proceeds of the Offer will be used for the following: to undertake significant activity at the 100% owned
Contact:
Tel: +61 (0) 8 8364 3188
Email: james.fox@pnxmetals.com.au
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