Last checked at 24 Dec 2018 07:05
Phoenix Global Mining Ltd
Ticker LSE AIM: PGM, OTCQX: PGMLF / Sector: Mining
24 December 2018
Phoenix Global Mining Ltd
('Phoenix' or the 'Company')
Director Dealings
Phoenix Global Mining Ltd (AIM: PGM, OTCQX: PGMLF), the North American-focused base and precious metals exploration and development company, is pleased to announce that further to the announcement regarding the fundraising made earlier today (the "Fundraising"), the Board has approved the participation of the following directors of the Company:
Director | No of ordinary shares held as at the date of this announcement | No of New Shares to be subscribed | No of ordinary shares held immediately following the Subscription | % of enlarged share capital following the Placing and Subscription |
Marcus Edwards-Jones | 414,231 | 134,000 | 548,231 | 1.66% |
Roger Turner | 1,143,571 | 53,571 | 1,197,142 | 3.62% |
Dennis Thomas | 1,098,758 | 56,114 | 1,154,872 | 3.49% |
Richard Wilkins | 630,496 | 53,571 | 684,067 | 2.07% |
Andre Cohen | 205,666 | 47,143 | 252,809 | 0.76% |
Jason Riley | 4,285 | 10,715 | 15,000 | 0.05% |
Ryan McDermott, Chief Operating Officer of Phoenix Global Mining, has also subscribed for 53,571 New Shares, following which his holding will be 233,848 ordinary shares, being 0.71% of the enlarged share capital following the Subscription.
Related Party Transaction
The directors of the Company are related parties to Phoenix, as defined in the AIM Rules for Companies. Ryan McDermott is also considered a related party to Phoenix. His and the Director Subscriptions are therefore related party transactions for the purposes of Rule 13 of the AIM Rules.
As all of the directors are participating in the Fundraising, there are no Directors deemed to be independent of the Fundraising. Accordingly, SP Angel Corporate Finance LLP ("SP Angel"), the Company's nominated adviser, considers that the terms and conditions of the above subscriptions are fair and reasonable insofar as the shareholders of the Company are concerned.
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.
For further information please visit www.pgmining.com or contact:
Phoenix Global Mining Ltd | Dennis Thomas / Richard Wilkins | Tel: +44 7827 290 849 (Dennis) / +44 7590 216 657 (Richard)
|
SP Angel (Nominated Adviser and Joint Broker)
| Lindsay Mair / Caroline Rowe | Tel: +44 20 3470 0470 |
Brandon Hill Capital (Joint Broker) | Jonathan Evans / Oliver Stansfield
| Tel: +44 20 3463 5000 |
Blytheweigh (Financial PR) | Tim Blythe / Camilla Horsfall / Megan Ray | Tel: +44 20 7138 3204 |
Notes
Phoenix Global Mining Ltd (AIM: PGM, OTCQX: PGMLF) is a North American focused, base and precious metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA, back into production, and exploring for cobalt in Idaho and gold in Canada.
Phoenix's flagship project is a brownfield, past producing, copper, gold, silver, zinc and tungsten underground mine, the Empire Mine near Mackay in Idaho. Phoenix acquired an 80% interest in the property in 2015. Based on a total of 315 drill holes a NI 43-101 compliant oxide resource was completed in late 2017. A PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine was completed in April 2018 with a design capacity of 8,000 tonnes of copper cathode a year. In June 2018 a campaign consisting of RC and diamond drilling was started. This programme was designed to upgrade and increase the oxide reserves, provide samples for ongoing metallurgical testwork, geotechnical and hydrological studies and condemnation drilling for the heap leach pad site, waste dump and plant site. At the same time the consultants were appointed to complete a NI 43-101 compliant Bankable Feasibility Study ("BFS"). The lead consultant is RPM Global who are supported by Samuel Engineering, both based in Denver, Colorado. Cascade Earth Sciences of Pocatello, Idaho have been working on environmental and permitting issues since 2016 and form part of the BFS team. Golder Associates are designing the heap leach pad and ponds, and Call and Nicholas are carrying out the open pit slope stability studies.
At Empire, 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. In addition, Phoenix has increased the claim area from 813 acres at the time of its acquisition to 1,837 acres, mainly to the northwest, and in so doing has increased the potential for additional oxide and sulphide resources by a total strike length of approximately 1,500 metres towards another brownfield mine, the Horseshoe Mine, which is now within the property boundary.
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 First Cobalt. Fieldwork, consisting of mapping and sampling and locating drill holes for the 2019 drilling programme, has been completed.
The Company has also acquired an exclusive option to explore and develop the Gordon Lake Project, in the Northwest Territories, Canada, which is a high-grade shear hosted gold project comprising of 17 known mineralised zones of which only four have been tested with 59 diamond drill holes. The Company will proceed to examine the optimal way forward to develop the project as a low-cost underground gold producer.
With a management team that has successfully constructed, commissioned and operated mines and low risk, mining-friendly jurisdictions with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal, precious metal and cobalt production company, offering exposure to three high value and high demand metals with compelling demand/supply fundamentals.
More details on the Company, its assets and its objectives can be found on PGM's website at www.pgmining.com
. | 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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Roger Turner | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Chief Technical Officer and 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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Dennis Thomas | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Chief Executive Officer | ||||||
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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Richard Wilkins | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Chief Financial Officer | ||||||
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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | 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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Jason Riley | ||||||
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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Ryan McDermott | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Chief Operating Officer | ||||||
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: | Participation in the Fundraising | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: |
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e) | Date of the transaction: | 24 December 2018 | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||