PNX Metals: Closes rights issue just shy of $4m

PNX Metals Closes rights issue just shy of $4m

• PNX Metals (PNX) has raised just under $4M through a non-renounceable pro-rata rights issue
• Shares in the raise were priced at just 0.5 cents and there was an 87 percent take-up, including over-subscriptions
• The funds will support exploration and development activities at the Fountain Head and Hayes Creek projects in the Pine Creek region of the Northern Territory
• An updated mineral resource at Glencoe is due later this quarter, following results already announced to market and adding to its existing JORC resource
• New shares under the rights issue were issued on Wednesday
• The total shortfall under the rights issue was 121,184,082 shares and the directors may consider the placement of these by early May