Patronus Resources, formerly known as KIN Mining, has finalised its merger with PNX Metals, a gold and base metals explorer.
Under the terms of the agreement originally announced on April 15, each PNX shareholder has received one ordinary fully paid share in Patronus for every 13 ordinary fully paid PNX shares held on the scheme record date.
The merger between both companies has seen Patronus shareholders gain about 72 per cent of the entity, with PNX shareholders holding the balance.
The merger’s implementation has also seen PNX chairman Graham Ascough join the Patronus board of directors as a non-executive director.
Estimated at $123 million, the merged entity is said to have created a diversified portfolio of quality mineral assets across Australia’s Tier 1 jurisdictions in Western Australia and the Northern Territory.
“Patronus is excited to welcome the PNX shareholders to our share registry,” Patronus executive chairman Rowan Johnston said. “We are very glad to welcome Graham to the Patronus board of directors.
“The board look forward to a successful joining of the two companies and working together across our portfolio of quality mineral assets in Tier 1 jurisdictions across Australia and leverage our combined experience and strong balance sheet to unlock value through exploration and strategic acquisition.”
As per the merger, PNX has announced a range of executive changes.
James Fox, Hans-Jörg Schmidt and Hansjoerg Plaggemars have resigned as PNX directors, and Katelyn Adams has resigned as PNX’s company secretary.
PNX has appointed Giuseppe Graziano as a director and Stephen Jones as company secretary.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
