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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 : 8991A
Phoenix Copper Limited
04 June 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
4 June 2021
Further to RNS number 7917A which was released at 7:00a.m. on 4 June 2021, Phoenix Copper Limited advises that the vesting period of the Options previously stated, as being 50% after six months and 50% after twelve months, was incorrect. The full corrected announcement is as per below. All other information was correct.
Phoenix Copper Limited
("Phoenix" or the "Company")
Grant of Options
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA focused base and precious metals emerging producer and exploration company, announces a grant of options over an aggregate of 2,350,000 ordinary shares of no par value (the "Options"). All the Options have been granted upon the recommendation of the Company's Remuneration Committee and pursuant to the terms of the Company's Staff Incentive Scheme, which was implemented in June 2017, in conjunction with the Company's Admission to trading on AIM.
A total of 1,500,000 Options have been granted to Directors of the Company, as per the table below:
Number of Options Director Position Granted Marcus Edwards-Jones Executive Chairman 300,000 ------------------------ ------------------ Chief Executive Ryan McDermott Officer 300,000 ------------------------ ------------------ Chief Financial Richard Wilkins Officer 300,000 ------------------------ ------------------ Roger Turner Non-Executive Director 200,000 ------------------------ ------------------ Andre Cohen Non-Executive Director 150,000 ------------------------ ------------------ Catherine Evans Non-Executive Director 150,000 ------------------------ ------------------ Jason Riley Non-Executive Director 100,000 ------------------------ ------------------
In addition, a total of 450,000 Options have been granted to members of the Company's recently created Advisory Board, as per the table below:
Number of Options Granted Dennis Thomas 200,000 ----------------------------- Harry Kenyon-Slaney 250,000 -----------------------------
400,000 Options have also been granted to employees of Konnex Resources Inc, the Company's Idaho registered operating subsidiary, on the same terms.
The Options have an exercise price of GBP0.50, vest 50% on signing of construction financing to build either the Empire Open Pit or the Red Star Silver Deposit, and 50% on the commencement of commercial production from the Empire Open Pit or Red Star, whichever comes first. The Options will expire three years from the date of grant.
Following this grant of Options, the total number of ordinary shares under option is 6,025,000, representing 5.18 per cent. of the Company's issued share capital.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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 Tel: +44 20 Adviser) Rowe 3470 0470 ----------------------------------- --------------- Brandon Hill Jonathan Evans / Oliver Stansfield Tel: +44 20 Capital (Joint 3463 5000 Broker) ----------------------------------- --------------- WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207 Broker) / Katy Mitchell 2201666 ----------------------------------- --------------- Panmure Gordon John Prior / Hugh Rich / Tel: +44 20 (UK) Limited Ailsa Macmaster 7886 2500 (Joint Broker) ----------------------------------- --------------- EAS Advisors Matt Bonner / Rogier de la Tel: +1 (646) (US Corporate Rambelje 495-2225 Adviser) ----------------------------------- --------------- Blytheweigh Tim Blythe / Megan Ray Tel: +44 20 (Financial PR) 7138 3204 ----------------------------------- ---------------
Notes
Phoenix Copper Limited is a USA focused, base and precious metal emerging producer and exploration company, 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 27.8 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 2020 and October 2020 for all metals. Present contained metal in all NI 43-101 compliant categories of resources, measured, indicated and inferred, stand at 355,523 ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of silver and 58,440 tonnes of zinc. Following the latest NI 43-101 compliant resource, Phoenix updated its economic model in February 2021 to include the processing of all contained metals through a two phased approach.
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 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: i) Marcus Edwards Jones ii) Ryan McDermott iii) Richard Wilkins iv) Roger Turner v) Andre Cohen vi) Catherine Evans vii) Jason Riley viii) Dennis Thomas --------------------------------- ---------------------------------------------------------- 2. Reason for the notification --------------------------------------------------------------------------------------------- a) Position/status: i) Executive Chairman ii) Chief Executive Officer iii) Chief Financial Officer
iv) Non-Executive Director v) Non-Executive Director vi) Non-Executive Director vii) Non-Executive Director viii) Advisory board member and VP Investor Relations --------------------------------- ---------------------------------------------------------- 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: ISIN: VGG7060R1139 Identification code: --------------------------------- ---------------------------------------------------------- b) Nature of the transaction: Grant of Options --------------------------------- ---------------------------------------------------------- c) Price(s) and volume(s): Price(s) Volume(s) i) 50 pence ix) 300,000 ii) 50 pence x) 300,000 iii) 50 pence xi) 300,000 iv) 50 pence xii) 200,000 v) 50 pence xiii) 150,000 vi) 50 pence xiv) 150,000 vii) 50 pence xv) 100,000 viii) 50 pence xvi) 200,000 -------------------- --------------------------------- ---------------------------------------------------------- d) Aggregated information: Aggregate transaction: Price(s) Volume(s) Aggregated volume: 50 pence 1,700,000 Price: --------------------------------- ---------------------------------------------------------- e) Date of the transaction: 3 June 2021 --------------------------------- ---------------------------------------------------------- f) Place of the transaction: Outside a trading venue --------------------------------- ----------------------------------------------------------
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June 04, 2021 06:27 ET (10:27 GMT)
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