TIDMPXC
RNS Number : 3872U
Phoenix Copper Limited
02 December 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
2 December 2021
Phoenix Copper Limited
('Phoenix' or the 'Company')
Exercise of Warrants and Issue of Equity
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF, OTCQX ADR: PXCLY),
the AIM quoted USA focused base and precious metals emerging
producer and exploration company, announces that it has received
notification from certain Directors and an advisory board member of
the Company to exercise warrants representing 42,306 ordinary
shares of no par value each ("Ordinary Shares") in the Company for
total consideration of GBP25,384. The warrants were exercised at 60
pence each.
Holdings in the Company
Individual No. of Ordinary No. of warrants No. of Ordinary % interest
Shares held exercised Shares held in Ordinary
as at the immediately Shares immediately
date of this following following
announcement Admission Admission
Richard Wilkins 823,656 7,000 830,656 0.7%
---------------- ---------------- ---------------- --------------------
Roger Turner 1,462,222 21,278 1,483,500 1.3%
---------------- ---------------- ---------------- --------------------
Dennis Thomas 1,419,952 14,028 1,433,980 1.2%
---------------- ---------------- ---------------- --------------------
Admission to trading on AIM and Total Voting Rights
Application has been made for the 42,306 new Ordinary Shares to
be admitted to trading on AIM ("Admission"), which is expected to
occur at 8.00 a.m. on or around 8 December 2021. 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 117,153,713 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
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 which has been
incorporated into UK law by the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service, this inside information 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 Corporate David Hignell / Caroline Rowe Tel: +44 20
Finance LLP (Nominated 3470 0470
Adviser)
----------------------------------- ---------------
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 resulted in the publication of a NI 43-101 PEA in October
2020 for an open pit heap leach solvent extraction and
electrowinning ("SX-EW") mine, which was updated in October 2020.
The contained metals 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 northwest of the
Empire Mine proposed open pit, has revealed high grade silver /
lead sulphide ore and from three shallow exploration drill holes. A
maiden resource of 103,000 tonnes containing 173.4 g/tonne silver,
0.85 g/tonne gold and 3.85% lead (1.6 million ounces silver
equivalent ) was reported in an NI 43-101 technical report
published in May 2019. Additionally, the district includes the
Navarre Creek Project, a volcanic hosted, precious metals target in
a 14.48 km(2) area. The Company's total land package at Empire
comprises 8,034 acres (32.51 sq kms).
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 relevant regulatory 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 Electra Battery Materials (formerly 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.
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) Richard Wilkins
ii) Roger Turner
iii) Dennis Thomas
--------------------------------- ---------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: i) Chief Financial Officer
ii) Non-Executive Director
iii) 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: Exercise of Warrants
--------------------------------- ---------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
i) 60 pence i) 7,000
ii) 60 pence ii) 21,278
iii) 60 pence iii) 14,028
------------------
--------------------------------- ---------------------------------------------
d) Aggregated information: Aggregate transaction: Price(s) Volume(s)
Aggregated volume: 60 pence 42,306
Price:
--------------------------------- ---------------------------------------------
e) Date of the transaction: 1 December 2021
--------------------------------- ---------------------------------------------
f) Place of the transaction: Outside a trading venue
--------------------------------- ---------------------------------------------
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