TIDMPXC
RNS Number : 8590K
Phoenix Copper Limited
10 May 2022
#Phoenix Copper Limited / Ticker: PXC / Sector: Mining
10 May 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Director Dealing, 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, has been informed that Kay Cohen, wife of
Andre Cohen, a Non-Executive Director of the Company, has exercised
warrants representing a total of 25,000 ordinary shares of no par
value each ("Ordinary Shares") in the Company for total
consideration of GBP4,000. The warrants were exercised at 16 pence
each.
Following completion of the warrant exercise, Andre Cohen is the
beneficial holder of 592,452 shares in the Company which represents
0.49 per cent. of the issued share capital and total voting rights
of the Company.
The Company has issued the 25,000 Ordinary Shares from its block
listing authority of 6 October 2020 and following the issue, the
Company has the ability to issue a further 8,091,574 Ordinary
Shares under its existing block listing facility.
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.
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 Materials (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: Kay Cohen (wife of Andre
Cohen)
2. Reason for the notification
a) Position/status: Wife of Andre Cohen, Non-Executive
Director
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)
16 pence 25,000
d) Aggregated information: Single transaction stated
Aggregated volume: above.Price(s) Volume(s)
Price: 16 pence 25,000
e) Date of the transaction: 9 May 2022
f) Place of the transaction: Outside a trading venue
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END
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(END) Dow Jones Newswires
May 10, 2022 03:41 ET (07:41 GMT)
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