TIDMPXC
RNS Number : 5369T
Phoenix Copper Limited
25 March 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
25 March 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Results of General Meeting and Open Offer
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals emerging producer
and exploration company, is pleased to announce that all of the
resolutions put to shareholders relating to the conditional Placing
and Subscription to raise GBP16.45 million and Open Offer to raise
up to an additional GBP1.95 million (the "Fundraise"), at the
General Meeting held today were duly passed. The Company is also
pleased to announce that the Open Offer was 15.63% oversubscribed
and accordingly it has raised GBP1.95 million via the Open Offer
and total gross proceeds of approximately GBP18.40 million through
the Fundraise.
No. Ordinary Resolutions For Against Votes Withheld
To authorise the directors
of the Company to
allot and issue new
shares in the capital
of the Company pursuant
1 to the Fundraise 26,490,370 9,000 1,920
--------------------------- ----------- -------- ---------------
Special Resolution
To dis-apply the statutory
pre-emption rights
in respect of the
allotment and issue
of new shares pursuant
to the authority referred
to in Resolution 1
2 above. 26,455,370 14,000 41,920
--------------------------- ----------- -------- ---------------
Result of Open Offer
The Open Offer closed for acceptances at 11.00 a.m. on 24 March
2021 and the Company has received valid acceptances of all the Open
Offer Shares offered to Qualifying Shareholders.
Accordingly, the Company has raised total gross proceeds of
approximately GBP18.40 million by way of the Placing and
Subscription (announced on 5 March 2021), and the Open Offer.
Application has been made to the London Stock Exchange for the
admission of 52,567,518 new shares to trading on AIM ("Admission").
This comprises of 35,129,991 Placing Shares, 11,870,009
Subscription Shares, and 5,567,518 Open Offer Shares. The new
shares will rank pari passu with the existing Ordinary Shares.
Admission and Total Voting Rights
It is expected that Admission of the new shares will become
effective on or around 08:00 a.m. on 26 March 2021. Following
Admission, the Company will have 116,207,220 Ordinary Shares in
issue each with equal voting rights.
The above figure may be used by shareholders as the denominator
for the calculations by which they will determine whether they are
required to notify their interest, or a change to their interest,
in the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Tel: +44 20
Adviser) Rowe 3470 0470
----------------------------------- ---------------
Brandon Hill Jonathan Evans / Oliver Stansfield Tel: +44 20
Capital (Joint 3463 5000
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Tel: +44 20
(UK) Limited Ailsa Macmaster 7886 2500
(Joint Broker)
----------------------------------- ---------------
EAS Advisors Matt Bonner / Rogier de la Tel: +1 (646)
(US Corporate Rambelje 495-2225
Adviser)
----------------------------------- ---------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 3204
----------------------------------- ---------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal emerging producer and exploration company, which has
carried out a drilling programme and generated a copper, gold,
silver and zinc resource on which it is carrying out a feasibility
study to bring the historically producing Empire Mine in Idaho,
USA, back into production. It is also evaluating the silver and
gold resources around three other past producing mines within the
23 km (2) Empire claims block as well as cobalt in two claims
blocks north of Empire in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2020 and October 2020 for all metals.
Present contained metal in all NI 43-101 compliant categories of
resources, measured, indicated and inferred, stand at 355,523
ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of
silver and 58,440 tonnes of zinc. Following the latest NI 43-101
compliant resource, Phoenix updated its economic model in February
2021 to include the processing of all contained metals through a
two phased approach.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres to 5,717 acres, mainly to the northwest
and west, and in so doing has increased the potential for
additional oxide and sulphide copper resources, as well as the
potential for stand-alone gold and silver resources, along a strike
length of approximately 5.4 km towards the other brownfield mines
of the Horseshoe, White Knob and Blue Bird Mines now within the
property boundary. In particular, a new discovery at Red Star, 330
metres north west of the Empire Mine proposed open pit, has
revealed sulphide ore and from three shallow exploration drill
holes a NI 43-101 compliant maiden resource of 1.6 million silver
equivalent ounces was reported.
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.
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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