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PNX Metals (ASX:PNX) - Managing Director, James Fox (centre) - The Market Herald
Managing Director, James Fox (centre)
Source: PNX Metals
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  • PNX Metals (PNX) has placed its shares in a trading halt pending an upcoming capital raising
  • The company's shares will remain in the halt until January 25 or when an announcement is made, whichever occurs first
  • In mid-December, PNX received high-grade gold values from the Burnside Project in the Northern Territory
  • Gold grades of up to 7.21g/t were encountered which highlighted the potential for the discovery of economic gold mineralisation in the area
  • PNX last entered a trading halt in November in regards to a $6.67 million placement and rights issue
  • Once received, the company used the funds to accelerate activities at its Fountain Head gold and Hayes Creek zinc-gold-silver projects
  • Shares in PNX have been trading at 0.7 cents since January 20

PNX Metals (PNX) has placed its shares in a trading halt pending an upcoming capital raising.

The company's shares will remain in the halt until January 25 or when an announcement is made, whichever occurs first.

PNX is yet to disclose how much it intends to raise or what it will use the funds for once received.

In mid-December, PNX received high-grade gold values from the Burnside Project in the Northern Territory with rock chip sampling returning up to 7.21g/t gold.

The company went on to add that a recent field visit highlighted the potential for the discovery of economic gold mineralisation in the area.

PNX last entered a trading halt in late November in regards to a $6.67 million placement and rights issue.

Under the placement, $2.27 million was raised through the issue of 378,333,333 fully-paid ordinary shares to professional and sophisticated investors as well as substantial German institutional shareholder.

The remaining $4.4 million was raised through a one for four non-renounceable rights issue. Shares were priced the same as the placement at 0.6 cents.

PNX stated it would use the funds to accelerate activities at its Fountain Head gold and Hayes Creek zinc-gold-silver projects.

Shares in PNX have been trading at 0.7 cents since January 20.

PNX by the numbers
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