GEM Makes First Investment in PYX
Sydney, Nov 29, 2022 AEST (ABN Newswire) - PYX Resources Ltd (LON:PYX) (NSX:PYX) is pleased to announce that, following the Company's announcement on 4 October 2022, PYX has made its first drawdown on the GBP20 million capital commitment investment from GEM Global Yield LLC SCS ("GGY") (the "Capital Commitment Facility").
As previously announced, GGY intends to provide long term support to PYX in accordance with the Capital Commitment Facility, with the proceeds from the capital investment furthering the Company's efforts to upgrade its mining operations and increase its production volumes. The investment positions PYX to continue its growth.
The Company has issued its first Subscription Notice in relation to the Capital Commitment Facility to drawdown total gross proceeds of GBP402,056, the proceeds of which have been received by the Company today. In line with the Capital Commitment Facility, GGY has also today received 1,030,923 shares from a Share Provider previously selected by the Company (a third party who already holds shares in the Company), who has also executed a Deed of Adherence to the Capital Commitment Facility. The shares have been transferred at a price of GBP0.390 per share (the "GGY Shares").
The price of each GGY Share has been calculated in accordance with the terms of the Capital Commitment Facility, as outlined in the 4 October 2022 announcement and the total shares now held by GGY is 1,030,923 Ordinary Shares (representing 0.24% of the issued shares in the Company).
In consideration of the Share Provider transferring the relevant shares to GGY under the Capital Commitment Facility, PYX has committed to issue an equivalent number of new shares(1,030,923 new ordinary shares("New Shares")) to the Share Provider in the next 12 months, utilising the Company's 15% placement capacity under the NSX Listing Rules. A further announcement will be made when the New Shares are issued.
About Pyx Resources Limited
PYX Resources Limited (NSX:PYX) (LON:PYX) is a global producer of premium zircon listed on the National Stock Exchange of Australia and the London Stock Exchange. The Company's flagship asset is the Mandiri mineral sands deposit, located in the alluvium sediment rich region of Central Kalimantan, Indonesia. Boasting the world's 5th largest producing deposit of zircon, PYX is a large-scale, near-surface open pit operation in production since 2015 and with exploration to date validating the presence of additional Valuable Heavy Minerals such as rutile, ilmenite among others within its mineral sands.
Pyx Resources Limited