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

Phoenix CopperAnnouncement

30/03/2022 07:30

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RNS Number : 4574G  Phoenix Copper Limited  30 March 2022

#Phoenix Copper Limited / Ticker: PXC / Sector: Mining

30 March 2022

Phoenix Copper Limited

('Phoenix' or the 'Company')

 Exercise of Warrants and Issue of Equity

Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted USA focused
base and precious metals emerging producer and exploration company, announces
that further to the announcement earlier today, the Directors consider the
Insiders to be out of a "close period" and accordingly, the Company has
received notification from various Directors, PDMRs and an adviser to the
Company, to exercise warrants representing a total of 121,111 ordinary shares
of no par value each ("Ordinary Shares") in the Company for total
consideration of £33,911.08.  All warrants were exercised at 28 pence each.

Director 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
 Marcus Edwards- Jones, Executive Chairman  1,042,857                                                           43,794                     1,086,651                                                      0.89%
 Ryan McDermott, CEO                        442,160                                                             23,687                     465,847                                                        0.38%
 Richard Wilkins, CFO                       830,656                                                             23,687                     854,343                                                        0.70%
 Jason Riley, NED                           37,619                                                              2,679                      40,298                                                         0.03%

 

Dennis Thomas, advisory board member, has also exercised warrants representing
a total of 24,323 Ordinary Shares in the Company at an exercise price of 28
pence each.

Admission to trading on AIM and Total Voting Rights

Application has been made for 118,170 new Ordinary Shares to be admitted to
trading on AIM ("Admission"), which is expected to occur at 8.00 a.m. on or
around 4 April 2022. The remaining 2,941 new Ordinary Shares, which are being
issued to an adviser of the Company, are being issued from its existing block
listing authority, as announced on 6 October 2020.

The new Ordinary Shares will rank pari passu with the existing Ordinary
Shares. The Company does not hold any Ordinary Shares in treasury.

Accordingly, following Admission and the issue of additional shares arising
from further warrant exercises in March 2022 under its existing block listing
authority, and for the purposes of the Disclosure Guidance and Transparency
Rules, the Company's total issued share capital will consist of 121,796,240
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.

Capitalised terms used in this announcement carry the same meanings as those
ascribed to them in the Company's announcement of 31 January 2022, unless the
context requires otherwise.

Contacts

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

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

                                                     Brittany Lock                                 Tel: +1 208 794 8033

                                                     Richard Wilkins                               Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)  David Hignell / Caroline Rowe                 Tel: +44 20 3470 0470
 Tavira Securities Ltd (Joint Broker)                Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100

 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
 BlytheRay                                           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.

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 our extensive drill programmes which have
defined a NI 43-101 compliant PEA (preliminary economic assessment) for an
open pit heap leach solvent extraction and electrowinning ("SX-EW") mine,
which was updated in October 2020. The contained metal 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 Navarre Creek, a volcanic hosted precious metals
target in a 14.48 sq km 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 Metals (formerly First Cobalt Corporation), Toronto, in respect of one
of those properties.

Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX Market
(PXCLF and PXCLY (ADRs)). 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:                                                         1)    Marcus Edwards-Jones

                                                                         2)    Ryan McDermott

                                                                         3)    Richard Wilkins

                                                                         4)    Jason Riley

                                                                         5)    Dennis Thomas
 2.        Reason for the notification
 a)        Position/status:                                              1)    Executive Chairman

                                                                         2)    Chief Executive Officer

                                                                         3)    Chief Financial Officer

                                                                         4)    Non-Executive Director

                                                                         5)    Advisory Board member and VP Investor Relations
 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)
                                                                         1)    28 pence      1)    43,794

                                                                         2)    28 pence      2)    23,687

                                                                         3)    28 pence      3)    23,687

                                                                         4)    28 pence      4)    2,679

                                                                         5)    28 pence      5)    24,323

 d)        Aggregated information:                                       Aggregate transaction:

Price(s)  Volume(s)
           Aggregated volume:                                            28 pence  118,170

           Price:

 
 e)        Date of the transaction:                                      30 March 2022
 f)        Place of the transaction:                                     Outside a trading venue

d)

Aggregated information:

Aggregated volume:

Price:

Aggregate transaction:

 Price(s)  Volume(s)
 28 pence  118,170

 

e)

Date of the transaction:

30 March 2022

f)

Place of the transaction:

Outside a trading venue

 

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