Phoenix Copper Share Discussion Threads

[zb27] 18/3/2024 09:03

News imminent
All buys again, will go NT again soon.
Smart investors loading up at the absolute Rock bottom lows.

PXC was nearly 40p in Nov, 1st tranch of bonds land and 40p will be toast.

[zb27] 15/3/2024 14:38

NT to Buy any decent volume now

All buys today.

Plenty of 1 trades, RNS due, or can we have RNS's please

[deuchar] 14/3/2024 20:34

No his patience is exhausted

[klondykejohn] 14/3/2024 17:01

Did Pants ever come back and give his considered opinion?

[hubs] 04/3/2024 22:19

Good old fashioned placing would have sorted this out Ages ago ffs!!

[sportbilly1976] 04/3/2024 11:00

SP Angel morning note:


Phoenix Copper* (PXC LN) 12.38p, Mkt Cap £18m – Completion of short term loan refinancing
Phoenix holds 80% of the Empire mining property in Idaho)


• Phoenix Copper confirms that it has now completed the refinancing of its US$2m short term loan facility,
• The refinancing, which was previously announced in February, is part of “a new facility of up to US$10 million”.
• The “Existing Facility, plus accrued interest, is being treated as the first drawdown on the New Facility as at 2 March 2024” and the company explains that “Further drawdowns under the New Facility are subject to the Company having first received at least US$25 million from its proposed corporate copper bond financing”.
• While Phoenix Copper cautions that “there can be no certainty … [today’s announcement confirms that] … the Directors remain confident that the bond financing will close”.

Conclusion: Refinancing the short-term loan facility forms part of a broader debt financing to develop Phoenix Copper’s open-pit copper mine development in Idaho. We await news on the progress of the copper bond with interest.
*SP Angel acts as nomad to Phoenix Copper

[sipptrader88] 04/3/2024 10:27

And from memory the "insiders" (or as close as) were buying @ 20p and couldn't believe that opportunity was present (anther reason why I think 20p is where the BOD value PXC as "today's value" and "short lived" at that!

[sipptrader88] 04/3/2024 09:27

SP wise we went from 6p to 75p over the course of 16 months in '20/'21........so the 80p+ should occur when we "close" the first tranche.

I would guess that $25m is not a theoretical figure "plucked" out of the air........??

GLA

[kooba] 04/3/2024 09:21

Useful general info on the relevant studies to progress a mining project.

hxxps://www.smallcapinvestor.ca/post/a-guide-to-pea-s-and-feasibility-studies

[kooba] 04/3/2024 09:09

The announcement today probably gives them 3 months to get the bond placing done..at that point i would imagine they are out of working capital and are going to have to start making repayments to RiverFort.
The debt to RiverFort maybe unsecured against specific assets but it is secured against the company itself effectively.
The PFS or hopefully as good as a FS in this case is the next pressing timeline..with full economic data based on the whole mining plan including leaching processes and permitting in place. Then they can try to secure funding.
Does anyone know who is preparing the PFS ..I’ve seen it said that there were consultants who wouldn’t let it be published which seems bizarre…most companies announce who is to prepare such documentation but can’t find it on Pheonix ..anyone? Please tell me they are not going to produce an internal effort with no independent scrutiny.

[boonboon] 04/3/2024 08:47

I see the announcement today as a positive from where we currently are.My gripe is that we wouldn't be where we are if the board had actually delivered on their countless promises.2 years ago we would have been appaled at a 20p conversion rate.Hopefully, this is the start of a turnaround, but we should never have been in this position in the first place.

[sipptrader88] 04/3/2024 08:15

20p, 70% premium, 30p, 40% premium...and 20p! $10m etc.

I am more than happy with these figures! Shows me that our share price should be already 20p (minimum).

Thank-you Riverfort and to the BOD.

GLA

[greyingsurfer] 04/3/2024 08:13

It’s a major positive for shareholders, haveapunt, as without it the future of the project would be in doubt. You may not like where we are, and have views on why we are and why we shouldn’t be, but we are better off today than on Friday, and the doom scenarios being talked of here a few days ago haven’t happened. Doesn’t mean they won’t, but it also means the companies strategy may pay off yet. In that context worrying about some dilution 70% or so above the current share price is a sideshow.

[williamcooper104] 04/3/2024 07:59

Begs the question of why make equipment purchases ahead of the bonds being drawn and thus putting huge pressure on working capital

[trader465] 04/3/2024 07:53

Where’s the pen ffs?

[haveapunt1] 04/3/2024 07:46

DP - major positive for who? Certainly not shareholders! It’s massive dilution at 20p for the benefit of RF. in effect as soon as we hit 20p plus the stock will be converted and sold into by RF. the only ones to benefit in this is RF (as expected)

[donald pond] 04/3/2024 07:38

The conversion rights at a big premium to the current share price is a major positive. Clearly the key thing remains getting bond financing away. We are getting close to the PFS being finalised too. Hopefully things move quickly from here

[kooba] 04/3/2024 07:36

I still don’t see how you can raise debt on any long term basis without a bankable FS in place let alone even a PFS ..maybe they can prove me wrong.

[kooba] 04/3/2024 07:29

At least they have managed to kick the can further down the road but any additional financing still dependent on success in getting a sizeable bond issue away. 15% coupon and 5% arrangement fee not exactly cheap and it appears they have to start repayment by monthly instalments of the first drawdown in 3 months time.
The conversion terms seem very favourable against current share price and the warrants issued against the first drawdown are at decent premium.
As always everything rests with raising the capital necessary for mine development.
I note also they need to have actually received the $25m of funds from any bond issue before they can drawdown further funds. In reality it buys them more time to get the bonds done but also gives clues as to how penal a bond issue will be in its terms.
I wish them luck and the shares should respond well as they have again run up to a potential wall and dodged it.

[boonboon] 04/3/2024 07:26

So they've got the extension. However had to give away warrants and more dilution at 20p. That doesn't sound too bad, but not great for investors who bought at 40p plus when they were talking about production within a year. Also no drawdown until we get bonds, which begs the question how much working capital have we got left after the equipment purchase.

[kaos3] 04/3/2024 07:20

previous status quo situation - nothing to be excited about imho

it just is not a disaster

people have different levels or criteria to be pleased

[bumpa33] 04/3/2024 07:19

How is that fantastic news?

They can’t drawdown any more than they already have until they complete at least 25m of the bond finance ffs.