TIDMPXC
RNS Number : 4554G
Phoenix Copper Limited
30 March 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
30 March 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Update re Proposed Fundraising
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and
exploration company, provides a further update regarding the
proposed fundraising the Company first referred to in the
announcement dated 11 February 2022.
The Company confirms it is in the process of engaging a
syndicate of US based broker-dealers to work with the Company and
its existing brokers and advisers to execute a proposed placement
of non-dilutive loan notes (the "Loan Notes") to finance the
construction and development of the Empire Open Pit Copper Mine in
Idaho, USA ("Empire") (the "Proposed Fundraise").
The Company expects to raise a minimum of $60 million via the
issue of Loan Notes to institutional and other investors.
It is intended that the Loan Notes will be US dollar
denominated, will be non-convertible and be repayable after 10
years. It is also proposed that the Loan Notes will pay a
semi-annual coupon equivalent to the higher of a fixed interest
coupon or a coupon calculated as a royalty on the net smelter
return revenue received from production and sales at Empire. The
Company also proposes to seek admission to trading of the Loan
Notes on a recognised securities market.
There can be no certainty that the Proposed Fundraise will
proceed, or that the final terms agreed with investors will be
consistent with those set out in this announcement. However, upon
publication of this announcement the Directors consider the Company
to have exited the previously announced "close period".
Further announcements regarding the Proposed Fundraise will be
made as soon as practicable.
Contacts
For further information please visit https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Brittany Lock 954 7039
Richard Wilkins Tel: +1 208
794 8033
Tel: +44 7590
216 657
SP Angel Corporate David Hignell / Caroline Rowe Tel: +44 20
Finance LLP (Nominated 3470 0470
Adviser)
----------------------------------- ---------------
T avira Securities Jonathan Evans / Oliver Stansfield Tel: +44 20
Ltd (Joint Broker) 7100 5100
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 20
Broker) / Katy Mitchell 7220 1666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Ailsa Tel: +44 20
(UK) Limited (Joint Macmaster 7886 2500
Broker)
----------------------------------- ---------------
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646)
Corporate Adviser) Rambelje 495-2225
----------------------------------- ---------------
BlytheRay Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 3204
----------------------------------- ---------------
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.
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