The merger of Patronus Resources Ltd (ASX:KIN, ASX:PTN) with PNX Metals Ltd (ASX:PNX) is now complete, with the scheme of arrangement implemented today.
Patronus, formerly named Kin Mining NL (ASX:KIN), and PNX agreed to the merger in April, under which Patronus would acquire 100% of the PNX shares on issue to create what PNX executive chairman and experienced director Graham Ascough described as “one of the most exciting growth stocks in the junior resource sector on the ASX”.
As part of the combination of the two companies, Ascough has now joined the Patronus board of directors as a non-executive director.
The complementary merger of Patronus and PNX combines assets in tier-1 jurisdictions to establish a robust, diversified Australian mineral resources business.
Ascough’s appointment to the board provides additional experience, adding geological and corporate expertise to assist in the unlocking of the value in the existing landholding and resources and deliver growth through exploration and strategic acquisition.
Patronus executive chairman Rowan Johnston said: “Patronus is excited to welcome the PNX shareholders to our share registry. We are very glad to welcome Graham to the Patronus board of directors.
“The board looks 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.”