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PNX Metals Limited has announced the launch of a three for five non-renounceable rights issued at $0.006 per share.
This will raise approximately $5.48 million, before shares, and will be used to undertake significant activity at PNX’s Hayes Creek project, complete the Definitive Feasibility Study and ongoing assessment of the Fountain Head project.
Located in the Northern Territory the Hayes Creek zinc-gold-silver project contains 177Kt zinc, 238Koz gold, 16.2Moz silver, 37Kt lead, and 10Kt copper.
Studies revealed the project to be a high value, technically strong and relatively low risk for the company to pursue.
After the exceptional outcomes, a Definitive Feasibility Study was completed to enable a decision to mine following the planned construction and mine development.
The non-renounceable shares were discounted 8.4 percent of the average price for the five days before April 18.
Eligible investors will be offered to participate in the offer which will begin April 29 and end May 8 with these being issued to shareholders registered in Australia, New Zealand, Germany and Singapore.
Managing Director James Fox hopes this year will be as successful as last year.
“Following on from successful exploration in 2018 where drilling highlighted exceptional grades and scale potential of a gold system at the Fountain Head project, this new project will be advanced as a distinct opportunity to augment the already robust economics of the Hayes Creek project,” he said.
