- PNX Metals (PNX) aims to raise $4.6 million through a non-renounceable entitlement offer
- Eligible shareholders will have the opportunity to acquire new shares at a price of 0.5 cents through a one-for-four non-renounceable pro-rata rights issue
- Funds from the capital raising will be used to continue exploration and development activities at PNX’s Northern Territory projects in the Pine Creek region
- Shares closed 23.1 per cent lower today at 0.5 cents each
PNX Metals (PNX) is aiming to raise $4.6 million through a non-renounceable entitlement offer.
Eligible shareholders will be able to acquire new shares at a price of 0.5 cents through a one-for-four non-renounceable pro-rata rights issue.
Existing substantial shareholders have confirmed their intention to take-up their entitlements.
Funds from the capital raising will be used to continue exploration and development activities at PNX’s Northern Territory projects in the Pine Creek region.
The company has recommenced near-mine exploration at Glencoe with three diamond drill holes, and is planning for a larger reverse circulation program.
The aim for PNX is to build on its 2021 drilling campaign where near-surface high-grade gold mineralisation was drilled over a 1.4 kilometre strike length.
Regional exploration will recommence to test new exploration targets with the potential to host additional gold resources identified in a recent geological review of the company’s Northern Territory exploration portfolio.
Managing Director James Fox said the support received so far demonstrates the quality of its Northern Territory exploration and development assets.
“With Government and Environmental approvals well advanced, this funding will see the company through an exciting period of activity,” he said.
“An updated mineral Resource at Glencoe is due later this Quarter, and diamond drilling
at has already re-commenced.
“A larger reverse circulation drill program will start as soon as possible to build on the excellent results announced so far, and aims to extend the near-surface high-grade gold footprint at Glencoe beyond the 1.4 km already drilled.”
Shares closed 23.1 per cent lower today at 0.5 cents each.