REG - Phoenix Copper Ltd - Exercise of Warrants and Issue of Equity

Phoenix CopperAnnouncement

21/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211221:nRSU2650Wa&default-theme=true

RNS Number : 2650W  Phoenix Copper Limited  21 December 2021

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

21 December 2021

Phoenix Copper Limited

('Phoenix' or the 'Company')

 Exercise of Warrants and Issue of Equity

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and exploration
company, announces that it has received notification from Andre Cohen,
Non-Executive Director, to exercise warrants representing 61,786 ordinary
shares of no par value each ("Ordinary Shares") in the Company for total
consideration of £13,300.08.  11,786 warrants were exercised at 28 pence
each and 50,000 warrants were exercised at 20 pence each.

Holdings in the Company

 Individual   No. of Ordinary Shares held as at the date of this announcement     No. of warrants exercised  No. of Ordinary Shares held immediately following Admission    % interest in Ordinary Shares immediately following Admission
 Andre Cohen  505,666                                                             61,786                     567,452                                                        0.48%

 

Admission to trading on AIM and Total Voting Rights

Application has been made for the 61,786 new Ordinary Shares to be admitted to
trading on AIM ("Admission"), which is expected to occur at 8.00 a.m. on or
around 24 December 2021. The new Ordinary Shares will rank pari passu with
the existing Ordinary Shares. The Company does not hold any Ordinary Shares in
treasury.

Following Admission and for the purposes of the Disclosure Guidance and
Transparency Rules, the Company's total issued share capital will consist of
117,415,680 Ordinary Shares. Shareholders may use this figure as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
issued share capital of the Company.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 which has been incorporated into UK law by the European
Union (Withdrawal) Act 2018. Upon the publication of this announcement via
Regulatory Information Service, this inside information is now considered to
be in the public domain.

Contacts

For further information please visit https://phoenixcopperlimited.com
(https://phoenixcopperlimited.com/)    or contact:

 Phoenix Copper Limited                              Ryan McDermott                                Tel: +1 208 954 7039

                                                     Dennis Thomas                                 Tel: +44 7827 290 849

                                                     Richard Wilkins                               Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)  David Hignell / Caroline Rowe                 Tel: +44 20 3470 0470
 Brandon Hill Capital (Joint Broker)                 Jonathan Evans / Oliver Stansfield            Tel: +44 20 3463 5000

 WH Ireland (Joint Broker)                           Harry Ansell / Adam Pollock / Katy Mitchell   Tel: +44 207 2201666
 Panmure Gordon (UK) Limited (Joint Broker)          John Prior / Hugh Rich / Ailsa Macmaster      Tel: +44 20 7886 2500
 EAS Advisors (US Corporate Adviser)                 Matt Bonner / Rogier de la Rambelje           Tel: +1 (646) 495-2225
 Blytheweigh                                         Tim Blythe / Megan Ray                        Tel: +44 20 7138 3204

(Financial PR)

 

Notes

Phoenix Copper Limited is a USA focused, base and precious metals emerging
producer and exploration company, initially targeting copper and zinc
production from an open pit mine from late 2022.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder
Creek mining district, at the 80% owned Empire Mine property, which
historically produced copper at grades of up to 8%, as well as gold, silver,
zinc and tungsten, from an underground mine.

Since 2017, Phoenix has carried out extensive drill programmes which resulted
in the publication of a NI 43-101 PEA in October 2020 for an open pit heap
leach solvent extraction and electrowinning ("SX-EW") mine, which was updated
in October 2020. The contained metals in all NI 43-101 compliant categories of
resources, measured, indicated, and inferred, stand at 129,641 tonnes of
copper, 355,523 ounces of gold, 10,133,772 ounces of silver and 58,440 tonnes
of zinc. Phoenix updated its economic model in February 2021 to include the
processing of all contained metals through a two phased approach.

In addition to Empire, the district includes the historic Horseshoe, White
Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead
and tungsten from underground mines. A new discovery at Red Star, 330 metres
northwest of the Empire Mine proposed open pit, has revealed high grade
silver / lead sulphide ore and from three shallow exploration drill holes. A
maiden resource of 103,000 tonnes containing 173.4 g/tonne silver, 0.85
g/tonne gold and 3.85% lead (1.6 million ounces silver equivalent ) was
reported in an NI 43-101 technical report published in May 2019. Additionally,
the district includes the Navarre Creek Project, a volcanic hosted, precious
metals target in a 14.48 km² area. The Company's total land package at Empire
comprises 8,034 acres (32.51 sq kms).

At Empire, it is estimated that less than 1% of the potential ore system has
been explored to date and, accordingly, there is significant opportunity to
increase the resource through phased exploration. The stated aim of the
Company is to fund this phased exploration through free cashflow generated by
its initial mine. A Plan of Operations in respect of the initial open pit mine
was filed with the relevant regulatory authorities in June 2021.

Phoenix also has two wholly owned cobalt properties on the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been signed with Electra
Battery Materials (formerly First Cobalt Corporation), Toronto, in respect of
one of those properties.

More details on the Company, its assets and its objectives can be found on
PXC's website at https:// phoenixcopperlimited.com.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

     .        Details of the person discharging managerial responsibilities/person closely
              associated
 a)           Name:                                                         Andre Cohen

 2.           Reason for the notification
 a)           Position/status:                                              Non-Executive Director
 b)           Initial notification/Amendment:                               Initial notification
 3.           Details of the issuer, emission allowance market participant, auction
              platform, auctioneer or auction monitor
 a)           Name:                                                         Phoenix Copper Limited
 b)           LEI:                                                          2138006UWPZAB1A75680
 4.           Details of the transaction(s): section to be repeated for (i) each type of
              instrument; (ii) each type of transaction; (iii) each date; and (iv) each
              place where transactions have been conducted
 a)           Description of the financial instrument, type of instrument:  Shares of nil par value each

              Identification code:                                           ISIN: VGG7060R1139

 b)           Nature of the transaction:                                    Exercise of Warrants
 c)           Price(s) and volume(s):                                        Price(s)   Volume(s)
                                                                            28 pence    11,786

                                                                            20 pence    50,000

 
 d)           Aggregated information:                                       Aggregate transaction:

Price(s)   Volume(s)
              Aggregated volume:                                            28 pence   11,786

              Price:
                                                                            20 pence   50,000

 
 e)           Date of the transaction:                                      20 December 2021
 f)           Place of the transaction:                                     Outside a trading venue

 

d)

Aggregated information:

Aggregated volume:

Price:

Aggregate transaction:

 Price(s)   Volume(s)
 28 pence   11,786

 20 pence   50,000

 

e)

Date of the transaction:

20 December 2021

f)

Place of the transaction:

Outside a trading venue

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAXAEASPFFFA