Kin and PNX announce merger

Junior mining companies Kin Mining and PNX Metals on Monday announced their merger, creating a group with a combined mineral resource of 1.4-million ounces of gold, 16.2-million ounces of silver and 177 000 t of zinc. PNX shareholders will receive one fully paid ordinary share in KIN for every 13 fully paid ordinary PNX shares. On a like-for-like basis, this represents a 6.2% premium using the 30-day volume weighted average price of both companies’ shares respectively.