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I think all these things are connected, and will logically follow each other in short order.

Just guessing, but:
1. EAS were instrumental in bringing in the institutions.
2. The TR1’s will come within the week (POF indicated there will be a few new holders over the 3% threshold).
3.EAS will be helping with the debt finance.
4. The roadmap to mine construction, further appraisal and production will come following the financing (although this is broadly known already)
5. The roadshows and PR will get underway in tandem to point 4. We are currently in blackout due to end of year so the board can’t say too much anyway.

With 1-5 completed, we will then hopefully see our GGP-style rise!

I trust the BoD have this under control, and the next few months should be exciting, and the next few years transformational.

Hi Kongo,

I’ve been saying for a while that I don’t think it will be Empire taking Eclipse forward, and that the asset will be flipped on.

It would align nicely for Mike to look to take it into Candelaria’s hands, but I can see a big conflict of interest with the warrants and options he holds, and from which he benefits from any merger / takeover.

But if he believes in Georgia and Eclipse, and the options were lapsed, then a cheeky offer would be tempting for any holders around the 3p mark.

The CEO choice will be telling. Will we get a miner who wants to drive the project forward, or a pasty that’s lined up solely to facilitate a quick flip.

Let’s see what the next few weeks hold.
But one universal truth is that the share price is ridiculously low, even if we don’t get a dime from Georgia.

I think we are all in the same boat, mate. Unless someone purchased for the first time in the last few days, then it’s likely most of us are down on the investment. But this should just be short term, as once the debt finance is agreed and the new share register is revealed, we should be on a fast track path to production.

As for the take-up, we were originally seeking £10m financing. We were offered £16.45 from the institutions, which should v be W seen as a big vote of confidence in the project. This gives me assurance that there will be maximum take up.

Let’s get tomorrow voted through, find out which institutions have joined the party, and hopefully see us move northwards.

It’s natural to have both rose-tinted and skeptics views, and it’s no surprise from this that I fall into the first camp, but Phoenix is one of the best managed junior miners around, with a potentially world class group of assets.

This is not a traders share (well, maybe it is over the last few days!), but rather a “trust in the journey and reap the rewards in the long term”.

Imagine where this will be when throwing off £15m a year in dividends! Not a bad return at current levels.

Yeah, it might be all a scam, we all take our chances. But I firmly believe this will become a magnificent investment for all of us.

Rise, Phoenix, Rise!

The ‘Placing Shares’ will be fully subscribed to, as these will go to the Institutional Investors. These are already locked in. This is £12.3m.

‘Subscription Shares’ are likely also locked in, going to the likes of Martin Hughes and other large existing holders. This is £4.15m.

So £16.45m guaranteed (if voted for next week).

‘Open Offer’ shares are for us smaller holders. There’s a max of £1.95m that can be put forward. Could be less, but unlikely given the holders I am aware of requested additional. Me included.
But if it falls short of this then it’s no big deal. I think the Company went out of their way (and paid extra for our benefit) for the OO to be put forward.
I fully expect take up, and also expect not no get all I asked for.

We’ll find out next week one way or the other.

You’re right, Mike.
Other than the price going down! - I think we will see some very large institutions holding PXC, and they won’t be selling for 10% gains. If anything, they will be looking for more of the company and sweeping up the low-hanging shares that get sold into the market. The USA opens up to us more now that we are over USD50m market cap, too.

I hope I do get all I requested, as this is going to be multiples of 35p before too long.

All in my opinion, anyway!

I think that the placing shares are going mostly to new institutions coming aboard. From what Richard has indicated there should be some big names on the list.
I’m guessing that Martin Hughes would have taken up some of the Subscription shares to maintain his percentage holding, so not me any left to go around.

As for the Open Offer shares for £1.95m (maximum), these are going to existing shareholders if they want to take them up (max 10% of current holding) and they can also request a number of shares that other shareholders don’t want.
But this is only existing shareholders, and only a maximum pot of £1.95m. All at 35p.

I’ve taken my full allocation, and requested an extra amount.

I can't see us wanting a JV here.
My prediction is that this will be flipped on. We prove up the property through the JORC and the initial milling, put it onto the market and walk away.
I could be wrong, but I don't see enough of a company in place to take this forward.

If the JORC comes back with anything better than 100,000 oz of >1g/t, then I can see an offer of maybe £30-35m?

Absolutely.
Come in for the rise, but stay for the dividends. Check out the bottom of page 15....

Courtesy of Zaphod99 from ADVFN

https://www.hallgartenco.com/pdf/Mining/Phoenix_Copper_March2021.pdf

The first of a few to come out.

I don’t see that as a “told you so” moment, on either side.
We all have our own ideas of what minimal dilution looks like. I was expecting around 100m shares in issue to get us to Empire being underway. We are 15% over that, and while it was a bigger raise than expected we now have the extra cash to accelerate Red Star and Navarre Creek, which would have taken a few years to get around to otherwise. This will lead to a summer of activity ands newsflow, and hopefully propel the share price higher. That’s worth the extra 15m shares.

The 35p price was probably 10% below what we hoped for, and while I’m maybe dismissing this too easily, what’s 10% if we can get greater income in a shorter time period?

We have the potential of a billion dollar company with only 115m shares in issue. For a current price of 37p. If this is the last raise (certainly at these levels), then there is a solid investment case laid out.
Now we have some big institutions on board, we should hopefully see more stable (northward moving) price action in a few months time, once we get a bit of the overhang out the way. The US market is now also wide open to us.

Am I being overly rose-tinted? Maybe. But the numbers make sense.
2Daman, mate, I have no issue with your posts. Yours are with an occasion negative slant (or balanced, as can be argued), and mine might be tipping the opposite end of the dial.
Let’s both hope we have invested in a serious, profitable business here. I’m confident we have.

This is a post from Richard Wilkins (CFO) in the Telegram group. Shared with his permission.

Dear All. Apologies if this is a bit long. I know you are surprised at the size of the funding. So were we. We set out to do £10m (pre Open Offer), we were offered £16.45m. A great vote of confidence. Everyone advised us to take it. We expect this to be the last equity raise before production. It might be the last ever.
We are seriously upgrading our share register. We have a number of excellent institutional funds coming on board who will be long term investors. We’ve been chasing some of them for years. But we were too small. Not any more.
To the extent that debt financiers require equity for the construction financing, we’ve now got it, if we need it.
We’ve got plenty for exploration. This summer we will be drilling Red Star, Navarre Creek and the underground sulphides. Fantastic news flow I hope.
This takes the Company beyond a critical mass market cap once the new shares are issued. Upwards of $50m. This opens the door for new investors, particularly in the US.
We consider all of this very positive. Finance to support the construction debt, for exploration, and to up our marketing game.
We always said our target was to be cash generative with approx 100m shares in issue. I think we’ve achieved that. Maybe it’s 115m. So what. It’s better than 200, or 300, or more, like so many other companies.
By the way the £2m debt is repayable in November. Right now it’s working hard on site to keep things going whilst we wait for this finance.
You are all offered the finance on the same terms. We stood our ground and insisted on this. If you want to participate in the Open Offer, just be on the register at COB tonight (the Record Date).
Finally, do you think the BOD would deliberately act to destroy our own value? Far from it. We believe today will significantly enhance our value, once the dust has settled, and the market takes on board where we now stand.
There will plenty of analysts publishing new price targets in the near future, hopefully starting next week. Watch this space.

OK, the 35p hurts a little, 40p would have been more palatable. But this could conceivably be the last raise needed.
I would expect the share register to soon show significant institutional investors. Steady, long tearm investors.
With this, I would imagine the US markets will start to take an interest as well.

There are massve gains to be had here, and we now have the funds to properly assess the wider property.
I was expecting 100m shares in issue. We have come away with 15% more than this, but to me, it is a small price to pay to hopefully now unlock the next stages of our development.

Phoenix was never a short term trading share, and we knew dilution was coming. We are now ready to level up our investor-base, our M&I resources, and realise the real value that the Company holds.

Wait for the broker notes over the next few weeks. If any of them put us at less than 75-80p fair value I would be surprised.

This is a billion dollar company in the making.

If the sale of Georgia goes to CAND, the agreement was for shares at 50c. The CAND price is currently 20% higher, valuing the deal to us at CAD $8.4m., or £4.8m Sterling.
The current price just doesn't align with reality.

If there has been a persistant seller in the background, surely a TR-1 notice would be needed by now.
For me, this is just games filling a new vacuum for the next week or so.

Moring, 2Daman,
Regarding yoor question on funding, I don't think the lenders will look at Market Cap so much as Asset Value.
A company's market cap can soar or plummet based on perceptions completely unrelated to its performance. Market cap is just shares in issue multiplied by the price the market wants to pay for them today.

The asset value is the significant figure to look at, and with £1.4b identified just for Empire alone, with a significant roadmap ahead to unloack further assets, I am sure lenders will have no problem offering funds against the project.

https://twitter.com/sharetalknews/status/1363839035098169347?s=21

Tipping Phoenix to rise to 80p in the next few months.

Ezhik said “A couple of small intercepts at 60g/t or above would have done the trick”.

Yeah, sure. And maybe finding a hand carving explaining the secrets of the universe. That would certainly help too.
This is open pit mining, mate. Our grades are good (most of the last intercepts classed as high grade), cheap to extract, and ready to go.
I’m not sure your making the correct distinction between open-pit and underground mining here.

As a guide, high grade is anything above 1.5g/t.

https://www.bullionbypost.co.uk/index/gold/gold-grade/

We have an easy access, oven-ready project that can be started with about $15, a sweeping brush and a carrier bag, and the JORC will clearly outline that it’s highly profitable.

But for me, it won’t be Empire taking it forward. It will either be flipped on, or the whole company will be taken over.
Mike knows what’s there, and now has control over the CAND purse strings....

I also think we will get a partial set of results announced with the news of the next CEO.

Mike wouldn’t step down unless someone was imminent, and his departure was announced 3 months ago, giving ample time to find the right person.

Don’t shoot me down, but Lenigas has been very quiet on Twitter regarding Empire since September, around the same time as Mike’s CAND announcement.
He seems to know the area intimately, and knows Mel Da Costa well, so must have a good understanding of what Eclipse could offer him personally...

Like I said, don’t shoot me down.

Nope, no agenda, and no panic.
I’m holding a significant amount of shares and hope to be in for the long term.

I just understand the importance of PR and momentum to create stickiness in the shareholder base.
Yes, I know they are working hard on the PEA.
Yes, I know there is lots going on behind the scenes.
Yes, Empire could be a world-class asset.

But the company should do more to keep the share price up, especially with potential dilution on the horizon. And when the great PEA arrives, it would be great to springboard up from a higher starting point.

If neither Ryan or Dennis have the time, I’d rather we employed a full time PR manager to handle the communications. That would be £50k well spent.
£10m cash raise at 40p compared to 50p would be an extra 5m shares in issues. I’d rather spend the £50k on a salary and save on the shares.

But maybe I’m not seeing the bigger picture.

I still anticipate a good RNS.
The daily drop comes from a lack of direct comms (sorry to keep beating this particular drum).

There are many good companies out there to invest in right now, both in precious metals, and Covid recovery. Phoenix have not offered anything to keep investors invested, and indicative timelines seem to be slipping. I think it’s just money being taken out to put elsewhere.

Let me pick up the drumsticks again, and say communication is key.
The ones now left are the believers in the project.

RightOn, honestly, my post wasn’t a criticism of you. I genuinely appreciate your posts and long hope they continue.

My issue is with the company. We should t have to call them. They should be proactive, particularly in this time of the new gold rush, where our money could go anywhere.
I do believe the companies approach has been amateurish, although I hold Ryan’s presentations in high regard.

Please keep posting.