TIDMPXC
RNS Number : 7254P
Phoenix Copper Limited
21 October 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
21 October 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Activation of BNY Mellon sponsored American Depositary Receipts
Program
Phoenix Copper Ltd (AIM: PXC; OTCQX: PXCLF), the AIM quoted USA
focused base and precious metals emerging producer and exploration
company, is pleased to announce that the relevant documents have
been filed with the US regulatory authorities in order to establish
its American Depositary Receipts ("ADR") Program over the Company's
shares (the "Program"). The Program is expected to be effective
from 1 November 2021 and the ADRs are expected to commence trading
on New York's OTCQX Market on or soon after that date.
The Bank of New York Mellon will act as the ADR depositary,
custodian and registrar on the Level 1 ADR Program. Each ADR will
comprise 10 existing Phoenix ordinary shares of no par value,
currently trading on AIM ("Ordinary Shares"), and will be issued to
trade electronically on OTCQX under the ticker PXCLY, alongside the
Ordinary Shares, which will continue to trade under the ticker
PXCLF. The ADRs will trade under the ISIN of US71903L1026 and have
a CUSIP number of 71903L 102. The ISIN and the CUSIP of the
Ordinary Shares traded on AIM remain unchanged.
Richard Wilkins, CFO of Phoenix, commented: "It is a privilege
to have The Bank of New York Mellon, the market leading depositary
bank in the global depositary receipts business, sponsor our ADR
Program. We very much look forward to working with their corporate
and investor relations Depositary Receipts teams in order to
maximise the impact of the Program.
"We expect the ADRs to be available to a diverse range of
potential US and other investors currently restricted from trading
our Ordinary Shares. Given that we are operating in Idaho and will
be producing metals necessary for the global transition to clean
energy, we look forward to increased exposure in the US and to
attracting more US investors to our register".
Chris Kearns, CEO of BNY Mellon's Depositary Receipt business,
commented: "We are proud to partner with Phoenix Copper on its ADR
Program. We look forward to working with Phoenix Copper, providing
resources and expertise to help them realize their goals for the
ADR Program. We are committed to further enhancing the visibility
and access that Phoenix Copper has to the US capital markets".
Environmental, Social and Corporate Governance
Phoenix is committed to meeting and exceeding the environmental
standards required by law as a core value of the Company. The
baseline environmental data collected to date will be used for
furthering the permitting process, but as importantly, will be used
as the building blocks for the Company's Environmental, Social, and
Corporate Governance ("ESG") platform, overseen by the Company's
ESG & Sustainability Committee.
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 Limited Ryan McDermott Tel: +1 208 954
Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Rowe Tel: +44 20 3470
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 2201666
Broker) / Katy Mitchell
------------------------------------ ---------------------
Panmure Gordon (UK) John Prior / Hugh Rich / Ailsa Tel: +44 20 7886
Limited (Joint Broker) Macmaster 2500
------------------------------------ ---------------------
EAS Advisors (US Matt Bonner / Rogier de la Rambelje Tel: +1 (646)
Corporate Adviser) 495-2225
------------------------------------ ---------------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20 7138
(Financial PR) 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 our extensive drill programmes
which have defined a NI 43-101 compliant PEA (preliminary economic
assessment) for an open pit heap leach solvent extraction and
electrowinning ("SX-EW") mine, which was updated in October 2020.
The contained metal 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 north west of the
Empire Mine proposed open pit, has revealed high grade silver /
lead 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. Additionally, the district includes
Navarre Creek, a volcanic hosted, Carlin-type gold discovery which
hosts a 6.1 km gold strike length within 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 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.
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