Last checked at 31 Jan 2018 16:15
Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining
31 January 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Director Dealings
Phoenix Global Mining Ltd (AIM:PGM), the AIM quoted, US-focused copper exploration and development company, has today been informed of the following Director Dealings:
Andre Cohen, a Non-Executive Director of the Company, and his wife, Kay Cohen, have each purchased 100,000 shares of nil par value in the Company ("Shares") on 30 January 2018 at a price of 4.4 pence per share.
Following completion of the share purchase, Andre Cohen and his wife hold 1,556,669 Shares representing 0.68 per cent. of the issued share capital and total voting rights of the Company. 848,334 Shares are held in Andre Cohen's own name and 708,335 Shares are held in the name of his wife.
Marcus Edwards-Jones, Executive Chairman of the Company, purchased 107,100 Shares in the Company on 30 January 2018 at a price of 4.4 pence per share.
Following completion of the share purchase, Marcus Edwards-Jones holds 2,805,886 Shares representing 1.22 per cent. of the issued share capital and total voting rights of the Company.
Ryan McDermott, Chief Executive Officer of Konnex Resources Inc, the Company's 80% owned US subsidiary, and General Manager of the Empire Copper Mine in Idaho, USA, purchased 760,000 Shares in the Company on 30 January 2018 at a price of 4.5543 pence per share.
Following completion of the share purchase, Ryan McDermott holds 1,587,778 Shares representing 0.69 per cent. of the issued share capital and total voting rights of the Company. 22,222 of these Shares are held by his wife, Trina McDermott.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Andre Cohen and Kay Cohen (wife of Andre Cohen) | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Non-Executive Director | ||||||
b) | Initial notification/Amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name: | Phoenix Global Mining Ltd | ||||||
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 instrument, type of instrument: Identification code:
| Shares of nil par value each
ISIN: VGG7060R1055 | ||||||
b) | Nature of the transaction: | Purchase of shares | ||||||
c) | Price(s) and volume(s): |
| ||||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||||
e) | Date of the transaction: | 30 January 2018 | ||||||
f) | Place of the transaction: | AIM | ||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Marcus Edwards-Jones | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Executive Chairman | ||||||
b) | Initial notification/Amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name: | Phoenix Global Mining Ltd | ||||||
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 instrument, type of instrument: Identification code:
| Shares of nil par value each
ISIN: VGG7060R1055 | ||||||
b) | Nature of the transaction: | Purchase of shares | ||||||
c) | Price(s) and volume(s): |
| ||||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||||
e) | Date of the transaction: | 30 January 2018 | ||||||
f) | Place of the transaction: | AIM | ||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Ryan McDermott | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Chief Executive Officer of Konnex Resources Inc and General Manager of the Empire Copper Mine | ||||||
b) | Initial notification/Amendment: | Initial notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name: | Phoenix Global Mining Ltd | ||||||
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 instrument, type of instrument: Identification code:
| Shares of nil par value each
ISIN: VGG7060R1055 | ||||||
b) | Nature of the transaction: | Purchase of shares | ||||||
c) | Price(s) and volume(s): |
| ||||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||||
e) | Date of the transaction: | 30 January 2018 | ||||||
f) | Place of the transaction: | AIM | ||||||
**ENDS**
For further information please visit www.pgmining.com or contact:
Phoenix Global Mining Ltd | Dennis Thomas & Richard Wilkins | c/o St Brides Partners +44 20 7236 1177
|
SP Angel (Nominated Advisor)
| Lindsay Mair / Caroline Rowe | Tel: +44 20 3470 0470 |
Brandon Hill Capital (Broker) | Jonathan Evans / Oliver Stansfield/ Alex Walker/Robert Beenstock
| Tel: +44 20 3463 5000 |
St Brides Partners (Financial PR) | Charlotte Page / Susie Geliher | Tel: +44 20 7236 1177 |
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA back into production.
Having established an initial copper oxide JORC and NI 43-101 resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547 t contained Cu, plus zinc, gold and silver, Phoenix has defined a two-phase development strategy. Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 7,000t copper cathode per annum by 2020. Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered. Preliminary Feasibility Study work on the priority open pit oxide resource is already underway.
It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides. The Company also holds two prospective cobalt properties in Idaho, US, which are located north of the Empire Mine. These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and US Cobalt. Early stage exploration is underway with drilling targeted to commence in 2018.
With a management team that has successfully constructed, commissioned and operated mines and a low risk, mining-friendly jurisdiction with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal producing company, offering exposure to two high demand technology metals with compelling demand/supply fundamentals.