TIDMPXC
RNS Number : 6172H
Phoenix Copper Limited
05 August 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
5 August 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Intention to appoint BNY Mellon to establish American Depositary
Receipts Program
Phoenix Copper Ltd (AIM: PXC; OTCQX: PXCLF), the AIM quoted USA
focused base and precious metals emerging producer and exploration
company, is pleased to announce that it intends to establish an
American Depositary Receipt ("ADR") Program over the Company's
shares. It is intended that the ADRs will trade on New York's OTCQX
Market.
The Level 1 ADR Program (the "Program") is expected to be
operational by the end of September 2021, subject to documentation
and regulatory filings, with each ADR expected to comprise 10
existing Phoenix ordinary shares of no par value, currently trading
on AIM ("Ordinary Shares"). No new Ordinary Shares will be issued
to establish the Program, with ADRs being created on demand via the
acquisition and deposit of Ordinary Shares.
The Company intends to appoint The Bank of New York Mellon ("BNY
Mellon") to establish the Program and to act as the ADR depositary,
custodian and registrar, and the ADRs will be issued to trade
electronically on OTCQX. The ADRs will trade alongside the
Company's Ordinary Shares, under a different OTCQX ticker.
Richard Wilkins, CFO of Phoenix, commented: "We are delighted to
be working with BNY Mellon for the purpose of establishing our ADR
Program for trading our ADRs on New York's OTCQX Market. BNY Mellon
is the market leading depositary bank in the global depositary
receipt business, providing OTC ADR Programs to numerous companies,
including FTSE100 companies and mining companies. We look forward
to working closely with their corporate and investor relations
Depositary Receipts teams as they establish and manage our
Program.
"Apart from the benefits of being able to trade electronically,
as each ADR is expected to consist of 10 existing Ordinary Shares
and priced accordingly, the ADRs should be available to a diverse
range of potential US investors currently restricted from trading
our Ordinary Shares. Given that we operate in Idaho and will be
producing metals necessary for the global transition to clean
energy, we hope the Program will increase our exposure in the US
and attract more US investors to our register. We are also pleased
that the Program will be non-dilutive, with the ADRs being created
from existing Ordinary Shares and no new Ordinary Shares being
issued in conjunction with the Program's establishment."
Overview of Depositary Receipts
Depositary Receipts ("DRs") are negotiable financial instruments
that are issued by a depositary bank. In the case of ADRs, they
typically represent a non-US company's publicly traded equity and
are listed or traded in the US. ADRs enable US investors to own
some of the world's leading companies through a well established
and well understood instrument. They offer the ease and convenience
of holding a US dollar-denominated security that trades, clears and
settles under procedures familiar to US investors and with less
complexity than holding ordinary shares or other cross-border
products. As a result, investors in the US and elsewhere can invest
in companies via ADRs on a global basis conveniently and cost
effectively.
BNY Mellon is the market leading depositary bank with
approximately 47% of the global depositary receipt business,
providing over 700 sponsored DR programs. OTC ADR issuer clients
include Anglo American, Newcrest Mining, Polyus, Randgold, Compass
Group, Experian and J Sainsbury.
Environmental, Social, and Corporate Governance
Phoenix is committed to meeting and exceeding the environmental
standards required by law as a core value of the Company. The
baseline environmental data collected to date will be used for
furthering the permitting process, but as importantly, will be used
as the building blocks for the Company's future Environmental,
Social, and Corporate Governance ("ESG") platform.
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 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside 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 Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Rowe Tel: +44 20
Adviser) 3470 0470
----------------------------------- ---------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20
(Joint Broker) 3463 5000
----------------------------------- ---------------
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
----------------------------------- ---------------
Blytheweigh 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 from
late 2022.
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 out 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 north west of the
Empire Mine proposed open pit, has revealed high grade silver /
lead 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. Additionally, the district includes
Navarre Creek, a volcanic hosted, Carlin-type gold discovery which
hosts a 6.1 km gold strike length within a 9.8 km(2) area.
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 Idaho 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 First Cobalt Corporation, Toronto, in respect of one of
those properties.
More details on the Company, its assets and its objectives can
be found on PXC's website at https://phoenixcopperlimited.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFZGGRVDGGMZM
(END) Dow Jones Newswires
August 05, 2021 02:00 ET (06:00 GMT)
Phoenix Global Mining (LSE:PGM)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Phoenix Global Mining (LSE:PGM)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
