IN BRIEF: PYX Resources gets USD4.5 million investment from L1 Capital

PYX Resources Ltd - Sydney-based producer of zircon - Gets USD4.5 million investment from L1 ...

Alliance News 11 March, 2022 | 2:51PM
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PYX Resources Ltd - Sydney-based producer of zircon - Gets USD4.5 million investment from L1 Capital Global Opportunities Master Fund and says it may get two further investments of USD4.5 million each upon mutual agreement. PYX says the USD4.5 million is a prepayment for USD5.0 million in PYX shares, and PYX will issue 3.0 million shares to L1 for this, with the USD5.0 million suggesting a price of USD1.67 per share. Further issues will be based an agreed price formula. PYX says the money will be used to increase production volume at its Mandiri deposit and start planning operations at the Tisma deposit, both in Central Kalimantan on the island of Borneo in Indonesia.

Current stock price: 75.00 pence, up 17% on Friday

12-month change: down 25%

By Tom Waite; thomaslwaite@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
PYX Resources Ltd 14.85 GBX 4.21 -
PYX Resources Ltd 0.51 -

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