Phoenix Copper Ltd - developing Empire open-pit copper and silver project in US state of Idaho - Launches share offer to raise up to GBP2.4 million to buy mining and processing equipment. The offer is priced at 11.5 pence per share and will consist of a GBP1.2 million placing, a GBP1.0 million direct subscription, and up to GBP200,000 from a retail offer. The placing will be run as an accelerated bookbuild by brokers Panmure Gordon (UK) Ltd and WH Ireland Ltd as joint bookrunners. Phoenix says the mine equipment is available at a potential "substantial discount" to new value. The company also says it remains in advanced discussions with bond investors for a proposed corporate copper bond to finance construction of the Empire mine.
Current stock price: 10.91p, down 22% in London on Friday morning for GBP4.8 million market capitalisation
12-month change: down 73%
By Tom Waite, Alliance News editor
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Phoenix Copper. (PXC)