TIDMPXC
RNS Number : 4574G
Phoenix Copper Limited
30 March 2022
#Phoenix Copper Limited / Ticker: PXC / Sector: Mining
30 March 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Exercise of Warrants and Issue of Equity
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and
exploration company, announces that further to the announcement
earlier today, the Directors consider the Insiders to be out of a
"close period" and accordingly, the Company has received
notification from various Directors, PDMRs and an adviser to the
Company, to exercise warrants representing a total of 121,111
ordinary shares of no par value each ("Ordinary Shares") in the
Company for total consideration of GBP33,911.08. All warrants were
exercised at 28 pence each.
Director Holdings in the Company
Individual No. of Ordinary No. of warrants No. of Ordinary % interest
Shares held exercised Shares held in Ordinary
as at the immediately Shares immediately
date of this following following
announcement Admission Admission
Marcus Edwards-
Jones, Executive
Chairman 1,042,857 43,794 1,086,651 0.89%
---------------- ---------------- ---------------- --------------------
Ryan McDermott,
CEO 442,160 23,687 465,847 0.38%
---------------- ---------------- ---------------- --------------------
Richard Wilkins,
CFO 830,656 23,687 854,343 0.70%
---------------- ---------------- ---------------- --------------------
Jason Riley,
NED 37,619 2,679 40,298 0.03%
---------------- ---------------- ---------------- --------------------
Dennis Thomas, advisory board member, has also exercised
warrants representing a total of 24,323 Ordinary Shares in the
Company at an exercise price of 28 pence each.
Admission to trading on AIM and Total Voting Rights
Application has been made for 118,170 new Ordinary Shares to be
admitted to trading on AIM ("Admission"), which is expected to
occur at 8.00 a.m. on or around 4 April 2022. The remaining 2,941
new Ordinary Shares, which are being issued to an adviser of the
Company, are being issued from its existing block listing
authority, as announced on 6 October 2020.
The new Ordinary Shares will rank pari passu with the existing
Ordinary Shares. The Company does not hold any Ordinary Shares in
treasury.
Accordingly, following Admission and the issue of additional
shares arising from further warrant exercises in March 2022 under
its existing block listing authority, and for the purposes of the
Disclosure Guidance and Transparency Rules, the Company's total
issued share capital will consist of 121,796,240 Ordinary Shares.
Shareholders may use this figure 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.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company 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 Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Capitalised terms used in this announcement carry the same
meanings as those ascribed to them in the Company's announcement of
31 January 2022, unless the context requires otherwise.
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: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- ---------------
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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
Details of the person discharging managerial responsibilities/person
closely associated
a) Name: 1) Marcus Edwards-Jones
2) Ryan McDermott
3) Richard Wilkins
4) Jason Riley
5) Dennis Thomas
--------------------------------- ---------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: 1) Executive Chairman
2) Chief Executive Officer
3) Chief Financial Officer
4) Non-Executive Director
5) Advisory Board member
and VP Investor Relations
--------------------------------- ---------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- ---------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: Phoenix Copper Limited
--------------------------------- ---------------------------------------------
b) LEI: 2138006UWPZAB1A75680
--------------------------------- ---------------------------------------------
4. Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been conducted
--------------------------------------------------------------------------------
a) Description of the financial Shares of nil par value each
instrument, type of instrument:
Identification code: ISIN: VGG7060R1139
--------------------------------- ---------------------------------------------
b) Nature of the transaction: Exercise of Warrants
--------------------------------- ---------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
1) 28 pence 1) 43,794
2) 28 pence 2) 23,687
3) 28 pence 3) 23,687
4) 28 pence 4) 2,679
5) 28 pence 5) 24,323
----------------
--------------------------------- ---------------------------------------------
d) Aggregated information: Aggregate transaction: Price(s) Volume(s)
Aggregated volume: 28 pence 118,170
Price:
--------------------------------- ---------------------------------------------
e) Date of the transaction: 30 March 2022
--------------------------------- ---------------------------------------------
f) Place of the transaction: Outside a trading venue
--------------------------------- ---------------------------------------------
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