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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Phoenix Global Mining Limited | LSE:PGM | London | Ordinary Share | VGG7060R1139 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 14.00 | 16.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPXC
RNS Number : 3695U
Phoenix Copper Limited
28 July 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
28 July 2020
Phoenix Copper Limited
("Phoenix" or the "Company")
Exercise of Warrants and Issue of Equity
Phoenix Copper Limited (AIM: PXC; OTCQX: PXCLF), the AIM quoted North American focused base and precious metals company, announces that it has received notification to exercise warrants representing 183,824 ordinary shares of no par value each ("Ordinary Shares") in the Company for total consideration of GBP38,970. 125,000 warrants were exercised at 18 pence per warrant and 58,824 warrants were exercised at 28 pence per warrant.
Application has been made for the 183,824 new Ordinary Shares to be admitted to trading on AIM ("Admission"), which is expected to occur at 8.00 a.m. on or around 3 August 2020. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.
Following Admission and for the purposes of the Disclosure Guidance and Transparency Rules, the Company's total issued share capital will consist of 62,646,346 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
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.
Contacts
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 ----------------------------------- ----------------- Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463 (Joint Broker) 5000 ----------------------------------- ----------------- WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207 Broker) / Katy Mitchell 2201666 ----------------------------------- ----------------- Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138 (Financial PR) / Megan Ray 3204 ----------------------------------- -----------------
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 342,249 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 .
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.
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(END) Dow Jones Newswires
July 28, 2020 09:47 ET (13:47 GMT)
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