REG - Phoenix Copper Ltd - Private Subscription of £300,000 Lapse of Warrants

Phoenix CopperAnnouncement

07/04/2025 07:00

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RNS Number : 8859D  Phoenix Copper Limited  07 April 2025

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

7 April 2025

Phoenix Copper Limited

("Phoenix" or the "Company")

Private Subscription to raise £300,000

Lapse of Warrants and Options

 

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, USA
focused base and precious metals emerging producer and exploration company, is
pleased to announce a private subscription to one individual subscriber (the
"Subscriber") for 10,000,000 new ordinary shares of no par value in the
Company at 3.0 pence per share ("New Ordinary Shares"), to raise gross
proceeds of £300,000 (the "Subscription"), representing 4.83% of the enlarged
share capital of the Company.

 

Lapse of Warrants and Options

In addition, the Company confirms that 10,000,000 existing warrants and
options to subscribe for ordinary shares in the Company (the "Warrants" or the
"Options") have been allowed to lapse, enabling the Company to complete the
Subscription, which will provide the Company with additional working capital,
without increasing the Company's fully diluted share capital. In total,
3,775,000 Warrants and 6,225,000 Options have lapsed. The Options were all
held by directors, advisory board members and senior employees of the Company.

 

Following the lapse of the Warrants and Options, the issue of the New Ordinary
Shares and the exercise of warrants between the period 11 October 2024 and 7
April 2025 following the Block Listing update announced on 7 October 2024, the
Company will have 207,184,092 ordinary shares in issue. 15,210,443 vested
warrants outstanding, and no options outstanding. Shareholders may use the
number of outstanding ordinary shares 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. The
Company's fully diluted share capital remains unaffected.

 

Application for Admission

Application has been made for the New Ordinary Shares, which rank pari passu
with the existing ordinary shares in issue, to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective and
dealings will occur at 8:00am UK time on or around 10 April 2025.

 

Financing Update

Following the Subscription, the Company will continue to operate with minimal
corporate overheads to ensure that it has sufficient working capital to allow
it to conclude discussions with interested parties in the US and elsewhere
regarding the issue of additional corporate copper bonds, to finance the
ongoing construction of the Empire Mine.

 

Although there can be no certainty, the Directors remain confident that
additional copper bonds will be placed and the Company looks forward to
providing shareholders with further updates as appropriate.

 

Operations Update

The Company welcomes the new White House Administration's focus on
prioritising US domestic mineral production generally, and copper in
particular. The detailed engineering work for the Empire copper-gold-silver
open pit mine in Idaho, USA (the "Empire Mine") is nearing completion,
allowing the Plan of Operations for final permitting to be updated with the
new crush-grind-flotation circuit. With the processing plant as well as the
open-pit now being situated on private (patented) land, the permitting process
should be significantly simplified, and the Company looks forward to providing
shareholders with further updates as it works towards becoming one of the
first new copper mines to contribute towards increased US mineral production.

 

 

Market Abuse Regulation (MAR) Disclosure

The Company deems the information contained within this announcement 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
the Regulatory Information Service, this inside information is now considered
to be in the public domain.

 

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

 Phoenix Copper Limited                               Ryan McDermott                                Tel: +1 208 9547039

                                                      Paul de Gruchy                                Tel: +44 7484 203 720

                                                      Richard Wilkins                               Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)   David Hignell / Jen Clarke / Devik Mehta      Tel: +44 20 3470 0470
 Tavira Financial Limited (Joint Broker)              Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100
 Zeus Capital Limited (Joint Broker)                  Harry Ansell / Katy Mitchell                  Tel: +44 20 7220 1666
 Panmure Liberum (UK) Limited (Joint Broker)          Mark Murphy                                   Tel: +44 20 7886 2500
 BlytheRay                                            Tim Blythe / Megan Ray                        Tel: +44 20 7138 3204

 (Financial PR)

 

 

Notes

Phoenix Copper Limited is an emerging producer and exploration company
specialising in base and precious metals, with an initial focus on copper,
gold, and silver extraction from an open-pit mining operation within the
United States.

Located in the historic Alder Creek mining district near Mackay,
Idaho, Phoenix's flagship asset is the Empire Mine, in which the Company
holds an 80% ownership stake. The historic Empire underground mine, located
beneath the surface of the Company's proposed open pit, boasts a rich history
of producing high-grade copper, gold, silver, zinc, and tungsten.

Since 2017, Phoenix has executed extensive drilling initiatives, resulting
in an expansion of the Empire Open-Pit resource by over 200%. In May
2024 the Company published its inaugural mineral reserve statement for
the Empire Open-Pit Mine. Proven and Probable mineral reserves are 10.1
million tonnes containing 109,487,970 lbs of copper, 104,000 oz of gold and
4,654,400 oz of silver. This reserve was estimated using assay data from 485
drill holes, extensive geological modelling, metallurgical recovery test work,
geotechnical evaluation, and mine design. The reserve represents a combined
66,467 tonnes of copper equivalent metal.

In addition to the Empire Mine, Phoenix's holdings in the district also
encompass the Horseshoe, White Knob, and Blue Bird Mines, all of which have
been producers of copper, gold, silver, zinc, lead, and tungsten from
underground operations, a new high-grade silver and lead orebody at Red Star,
and the Navarre Creek gold exploration project, which was first drilled in
2023. The Company's land package at Empire spans 8,434 acres (34 sq km).

Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been established concerning
one of these 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/
(https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fphoenixcopperlimited.com%2F&data=05%7C02%7Cpaul.degruchy%40phoenixcopper.com%7Cd3c94638cd2a404fd97908dc4457be72%7C0ab43313efbd470e8b202b53ae10513d%7C0%7C0%7C638460390942473879%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=zDJLf9dFwaNJhQmfkjPJtPnIxiqtCJb%2F1IuX1s1r7kQ%3D&reserved=0)

 

 

 

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