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"I am glad to say that the bond finance, once received, is expected to fully fund the Company into production and allow the Company to substantially reduce both estimated capital expenditure and lead times through the purchase of pre-owned equipment"
Transition to producer
Proven reserves and funding in mining friendly state, with an AA rating for ESG, in the context of rising copper demand and price, gold and silver can offset any market price fluctuation at 30% of total revenue that may grow - Phoenix have only evaluated 1% of Empire area.
Equally the bond issuer can secure upto 25% of the company shares in issue, interest in their capital making a return in addition to the coupon:
"On a fully diluted basis, the Bonds Investor will have the right to accumulate up to a 25% strategic investment in the Company over a five-year period, based on the current issued share capital of the Company."
Carlsberg
SP climbing again now. MM will make an absolute fortune today.
Yes sparky, the whole project derisked in 1 beautiful RNS. Like a dream RNS, what everyone has been waiting for, should be 100% up minimum.
Only in Nov on the HINT of bond news it was touching 40p.
Incredible efforts from the BOD. Bravo. I'm sure PXC will be over 50p in no time.
The funding is huge news. Confidence is everything.
The lowly share price is now due a rerate.
£80 million funding AWESOME!!!
Gap closed down to 22p/sh. Come on 22p hold on, dig in, don't fold !!!
Big block seller dumping at mo , once he stops then should head north
Hopefully the wider market pick up on this. The key will be getting new money to invest. People will sell on break even, people will hold. People will scale down on peaks. So need fresh interest from individuals to arrive.
They seem harder and harder to get these days on aim. Feels like the investor appetite has changed.
I agree though we should be higher and hope this is the way the price goes as interest and awareness increases.
Atb
I thought same 50-60p. The funding de-risks the whole site now....£££££££
We should be 50-60p atleast over the coming days
Got 50000 for 23.5p! Back to where I wanted now. ATB
.......Go !! Looks like we open around 30p/sh. Today and tomorrow are going to be crazy volatile I reckon. MM will need shares as PXC is tightly held.
(A bit of fun after the long winter 🙂)
RW a visionary, innovative and bold,
Architect of success, crafting plans half told,
Of copper bonds he swore would be sold,
Few dared to dream; minimal dilution was key,
Of a future where Phoenix would finally fly free.
An impromptu raise at eleven-point-five,
The share price took an instant 20% dive,
By the skin of its teeth, it stopped short of nine,
How we did curse, boy, how we did whine,
Copper and gold surged, 'We'll never build that mine!'
With a pit of wealth at its core,
Empire's production is destined to soar,
Projects will emerge, like Red Stars at night,
Deep sulphides and elephants below shining bright.
It was bonds or bust,
In Richard we trust,
Nudge nudge, wink wink,...let's have a peek,
At what you've discovered at Navarre Creek!
Bitterness from those who lost patience. But the USA is desperate for Copper, and thus is all US based.
https://www.reuters.com/markets/commodities/trafigura-ixm-caught-comex-copper-short-squeeze-prices-hit-record-2024-05-15/
Not everyone is gong to be happy about this deal. Especially those who sold out after losing patience and belief and are now thinking....... oh s@%t I shouldn't have sold :)
Seems to be a few like that on ADVFN !
I guess we all have different assumptions and opinions on what very minimal and what isn't.
To me it's very minimal, given they've managed to get construction financing.
Given their market cap and what dilution I see every day for much less value enhancing purposes. Especially given the backdrop of financing challenges generally.
Welcome to disagree of course.
Atb
Very minimal dilution? It’s at least 25% and by my maths 36%, not exactly “very minimal”.
I do accept, however, that it is probably better than no bonds at all.
I bet they had their hands twisted behind their back, though, given that they had to agree terms in order to announce it before the AGM.
Aren’t you a day early?
I’ve enjoyed reading and watching your comments
To those who held there nerve and believed 👍
I bought in lumps in the 50s right the way through to the 20s and lower good luck to you tomorrow and in the future
He who dares wins Rodders 👍
Https://www.reuters.com/markets/commodities/trafigura-ixm-caught-comex-copper-short-squeeze-prices-hit-record-2024-05-15/
USA needs Copper, today's news is the start of significantly higher market cap in coming months.
Hopefully with the capex we see the development cycle curve happen in the shade price as modelled by the lassonde mining curve.
Coupled with the fact we still, hopefully, have some good exploration news down the line. It's all good ATM.
🤞🏻
Atb
FWIW (absolutely nothing) I bet the first PXC trade tomorrow will be 48p. The highest trade will be 57p. The closing price will be 43p. For context I’m a hung ho accountant who’s travelling 275 miles each way to watch Leeds beat Norwich 3-1 when I could stay home and watch it on tv.
Yes it's very welcome news.
I've just seen the release myself.
I think they did very well to get financing and to go about it and secure a bond, with very minimal dilution, is no mean feat ATM.
Well done all and fingers crossed the market acknowledge this event in the price in the coming days, weeks etc.
May get a bit choppy but with a low float you expect more volatility. Hopefully trending to the upside
I can wait another 2 yrs, as commodity boom underway as USA especially want security of resources. Share price will be £ in coming years, will nicely fund my retirement as imo hugely derisked now.
Only just seen the RNS!!! Thank you very much BOD. It took forever but you did it. Sorry I doubted you, but you missed so many time lines. Only got half the shares I used to but will rectify that in the morning. Well done everyone!!!