REG - Phoenix Copper Ltd - Result of Retail Offer and Additional Subscription

Phoenix CopperAnnouncement

31/01/2024 18:15

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RNS Number : 6029B  Phoenix Copper Limited  31 January 2024

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31 January 2024

 

Phoenix Copper Limited

('Phoenix' or the 'Company')

 

Result of Retail Offer and Additional Subscription

 

Further to the announcements dated 26 January 2024, Phoenix Copper Ltd (AIM:
PXC, OTCQX: PXCLY), the AIM-quoted USA-focused base and precious metals
emerging producer and exploration company, is pleased to announce that
following the closing of the Retail Offer via the BookBuild Platform at 4.35
p.m. today, 576,152 new Ordinary Shares will be issued at a price of 11.5
pence per Retail Offer Share in connection with the Retail Offer, raising
gross proceeds of £66,257.48.

 

In addition, following the close of the Placing and Subscription on 26 January
2024, the Company received a further subscription for 434,783 new Ordinary
Shares (the "Additional Subscription Shares") at the Issue Price raising gross
proceeds of £50,000.

 

Admission and Settlement

 

Application has been made for the Retail Offer Shares and Additional
Subscription Shares to be admitted to trading on AIM ("Admission"). Admission
of 1,010,935 new Ordinary Shares is expected to take place at 8.00 a.m. on or
around 6 February 2024.

 

The Retail Offer Shares and Additional Subscription Shares will, when issued,
be credited as fully paid and rank pari passu in all respects with the
existing Ordinary Shares.

 

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 149,069,995 with each Ordinary Share carrying the
right to one vote. There are no shares held in treasury and therefore,
following Admission, the total number of voting rights in the Company will be
149,069,995. The above figure may be used by Shareholders 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 share capital
of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

 

Capitalised terms used in this announcement have the meanings given to them in
the announcement made by the Company at 7.00 a.m. on 26 January 2024, unless
the context provides otherwise.

 

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

 

Contacts

 

 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 / Kasia Brzozowska      Tel: +44 20 3470 0470

 Tavira Financial Limited (Joint Broker)                           Jonathan Evans / Oliver Stansfield                    Tel: +44 20 7100 5100

 WH Ireland (Joint Broker and Joint Bookrunner)                    Harry Ansell / Katy Mitchell                          Tel: +44 20 7220 1666

 Panmure Gordon (UK) Limited (Joint Broker and Joint Bookrunner)   Mark Murphy / Will Goode / Joseph Tan                 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, gold, silver 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 out extensive drill programmes which have
defined a NI 43-101 completed PEA (preliminary economic assessment) for an
open pit heap leach solvent extraction and electrowinning ("SX-EW") mine,
which was updated in October 2020. From the 2020 PEA, the measured and
indicated resource is 22,909,059 tonnes at an average grade of 0.38% copper,
0.324 grammes per tonne ("g/t") gold, 10.3 g/t silver, and 0.19% zinc. The
contained metal for the measured and indicated resource is 87,543 tonnes of
copper, 238,406 ounces of gold, 7,595,198 ounces of silver and 43,871 tonnes
of zinc.

 

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 inferred resource of 103,000 tonnes containing 173.4 g/t silver, 0.85
g/t 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 16.09 sq km area. The Company's total land package at Empire comprises 8,434
acres (34.13 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, 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/

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