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Phoenix Copper Ltd (PXC)

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Thursday 25 March, 2021

Phoenix Copper Ltd

Results of General Meeting and Open Offer

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 16.45 million and Open Offer to raise up to an additional 1.95 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 £1.95 million via the Open Offer and total gross proceeds of approximately £18.40 million through the Fundraise.

 

No.

Ordinary Resolutions

For

Against

Votes Withheld

1

To authorise the directors of the Company to allot and issue new shares in the capital of the Company pursuant to the Fundraise

26,490,370

9,000

1,920

Special Resolution

2

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 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 £18.40 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 Limited

Ryan McDermott

Dennis Thomas

Richard Wilkins

Tel: +1 208 954 7039 

Tel: +44 7827 290 849

Tel: +44 7590 216 657 

SP Angel (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
(Financial PR)

Tim Blythe / Megan Ray

Tel: +44 20 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 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 km² 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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