TIDMPXC
RNS Number : 8455Q
Phoenix Copper Limited
24 June 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
24 June 2020
Phoenix Copper Limited (the "Company" or "Phoenix")
Extension of Warrants
Phoenix Copper Limited (AIM: PXC; OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals exploration and
development company, today announces that it has extended the
expiry date on three classes of warrants by an additional two
years.
The expiry date on 1,068,500 warrants (as consolidated in August
2018) (the "Warrants") has been extended to 30 June 2022 (the
"Warrant Extension"). Of these Warrants, 641,157 have an exercise
price of 40 pence per share and an expiry date of 28 June 2020, and
427,343 have an exercise price of 35 pence per share and an expiry
date of 30 June 2020.
In addition, a further 127,962 Warrants which had an exercise
price of 21 pence per share and expired on 16 June 2020 have been
reissued with the same exercise price and an expiry date of 30 June
2022.
Existing Warrant certificates will remain valid and the new
expiry date will be reflected on the Company's Register of Warrant
Holders. The exercise price will remain unchanged. Of these
Warrants, 134,231 are held by Marcus Edwards-Jones (Executive
Chairman).
Related Party Transaction
Certain of the Warrants are held by Marcus Edwards-Jones, a
director of the Company. The Warrant Extension therefore
constitutes a related party transaction under Rule 13 of the AIM
Rules. All the other directors, being independent of the
transaction, having consulted with SP Angel Corporate Finance LLP,
the Company's nominated adviser, consider that the terms of the
Warrant Extension are fair and reasonable insofar as the
shareholders of the Company are concerned.
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.
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208 954
Limited Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel David Hignell / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser) 0470
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Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
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WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
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Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138
(Financial PR) / Megan Ray 3204
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Notes
Phoenix Copper Limited is a North American focused, base and
precious metal explorer and developer, 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(2) 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
km(2) 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 2019, which was generated for a heap
leach copper SX/EW operation where only copper was recovered. A
further updated NI 43-101 compliant resource was generated in May
2020 for all metals, which resulted in an increase of measured and
indicated resources of +56% gold, +11% copper, +13% silver and +26%
zinc. Present contained metal in all NI 43-101 compliant categories
of resources, measured, indicated and inferred, stand at 343,249
ounces of gold, 129,923 tonnes of copper, 9,502,494 ounces of
silver and 50,550 tonnes of zinc.
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 www. phoenixcopperlimited.com .
Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Marcus Edwards-Jones
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2. Reason for the notification
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a) Position/status: Executive Chairman
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b) Initial notification/Amendment: Initial notification
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3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
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a) Name: Phoenix C opper Ltd
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b) LEI: 2138006UWPZAB1A75680
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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
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a) Description of the financial instrument, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1139
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b) Nature of the transaction: Extension of Warrants
& Issue of Warrants
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c) Price(s) and volume(s): Extension of Warrants Price(s) Volume(s)
40 pence 81,136
----------
Issue of Warrants Price(s) Volume(s)
21 pence 53,095
----------
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d) Aggregated information: Price(s) Volume(s)
Aggregated volume: 21 pence 53,095
Price: ----------
40 pence 81,136
----------
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e) Date of the transaction: 24 June 2020
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f) Place of the transaction: Outside a trading venue
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END
MSCEASKDASDEEFA
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June 24, 2020 02:00 ET (06:00 GMT)
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