focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPhoenix Copper. Regulatory News (PXC)

Share Price Information for Phoenix Copper. (PXC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 21.50
Bid: 21.00
Ask: 22.00
Change: 2.25 (11.69%)
Spread: 1.00 (4.762%)
Open: 26.25
High: 26.50
Low: 21.50
Prev. Close: 19.25
PXC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Subscription to raise £358,099

24 Dec 2018 07:00

RNS Number : 3556L
Phoenix Global Mining Ltd
24 December 2018
 

Phoenix Global Mining Ltd

Ticker LSE AIM: PGM, OTCQX: PGMLF / Sector: Mining

 

24 December 2018

Phoenix Global Mining Ltd

('Phoenix' or the 'Company')

 

Subscription to raise £358,099

 

 

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 it has raised £358,099 (before expenses) by way of a subscription of 1,278,924 new ordinary shares of nil par value each ("New Shares") at a price of 28 pence (the "Fundraising", "Issue Price"). The Company has also issued 1 Warrant for every 4 New Shares ("Warrants") subscribed for, exercisable at 28 pence per share and valid until 31 December 2021. The Warrants will not be listed.

 

Included within the above, certain Directors and members of senior management of the Company have indicated their intention to subscribe for an aggregate of £114,432 at the Issue Price, via the issue of 408,685 New Shares subject to approval by the Board (the "Director Subscription"). Details of their participation and their consequent interests in the Company's issued share capital will be set out in a further announcement. Accordingly, subject to such further Director Subscription, the total gross amount raised is expected to be £358,099.

 

The proceeds will be used to further advance the Company's flagship asset, the historically producing Empire Mine in Idaho, United States, including the preparation of a new resource statement following the successful 2018 drill programme and for working capital. Phoenix is awaiting the assay results for the last of the drill holes completed in 2018.

 

As the result of the success of the 2018 drill programme at the Empire Mine, the Company intends to substantially increase its acreage surrounding the Empire Mine to accommodate the expanding resource.

 

Dennis Thomas, Chief Executive Officer, said,

 

"We are pleased to complete this fundraise and the proceeds will enable us to continue the development at the Empire Mine and the preparation of a new resource statement following a successful 2018 drill programme. We believe the fact that all directors and some members of senior management of Phoenix are participating in the fundraise demonstrates the confidence we have in the project.

 

"Additionally, we expect to increase the acreage at the Empire Mine, to accommodate the expanding resource which, following the 2018 drill programme, is becoming ever more apparent. I look forward to updating the market in due course."

 

Details of the Fundraising

Application has been made for 1,278,924 New Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence on or around 8:00a.m. on 31 December 2018. 

Total Voting Rights

Following the issue of the New Shares, the issued share capital of the Company will consist of 33,078,999 ordinary shares. No shares will be held in treasury at the date of this announcement. The total current voting rights in the Company following the issue of the New Shares will therefore be 33,078,999.

The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

 

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IOETTBMTMBMTMPP
Date   Source Headline
15th May 20244:51 pmRNSFinal results for the year ended 31 December 2023
15th May 20244:34 pmRNSConditional Subscription for $80m of Copper Bonds
7th May 20247:00 amRNSEmpire Open-Pit Mine Mineral Reserve Statement
8th Apr 202412:25 pmRNSBlock Listing Six Monthly Return
27th Mar 20247:00 amRNSExtension of Warrants
19th Mar 20247:00 amRNSPurchase of Empire Processing Equipment Finalised
4th Mar 20247:00 amRNSRefinancing of Short-Term Loan Facility
19th Feb 20247:00 amRNSUpdate: Purchase of Equipment and Debt Refinancing
31st Jan 20246:15 pmRNSResult of Retail Offer and Additional Subscription
26th Jan 202412:10 pmRNSResult of Placing and Subscription
26th Jan 20249:25 amRNSClose of Accelerated Bookbuild
26th Jan 20247:01 amRNSRetail Offer
26th Jan 20247:00 amRNSProposed Placing, Subscription and Retail Offer
18th Jan 20247:00 amRNSOperational Update
5th Jan 20247:00 amRNSCorporate copper bonds and loan facility update
11th Dec 20237:00 amRNSExtension of Loan Facility
20th Nov 20237:00 amRNSExtension of Loan Facility
24th Oct 20237:00 amRNSUpdate for Navarre Creek Exploratory Drilling
10th Oct 20235:02 pmRNSBlock Listing Six Monthly Return
28th Sep 20237:00 amRNSInterim Results
4th Sep 20237:00 amRNSResults of Metallurgical Testing at Empire Mine
17th Jul 20237:00 amRNSCommencement of Navarre Creek Drilling Programme
23rd Jun 20237:00 amRNSExtension of Loan Facility
8th Jun 202312:33 pmRNSResult of Annual General Meeting
6th Jun 20237:00 amRNSPreliminary Results of Metallurgical Testing
25th May 20237:00 amRNSFinal results for the year ended 31 December 2022
12th Apr 20237:00 amRNSExploration Drilling Results at the Empire Mine
6th Apr 20237:00 amRNSBlock Listing Six Monthly Return
29th Mar 20239:05 amRNSSecond Price Monitoring Extn
29th Mar 20239:00 amRNSPrice Monitoring Extension
24th Mar 20239:05 amRNSSecond Price Monitoring Extn
24th Mar 20239:00 amRNSPrice Monitoring Extension
24th Mar 20237:00 amRNSCorporate Update
16th Mar 20237:00 amRNSFurther Results of Metallurgical Core Drilling
12th Jan 20237:00 amRNSFurther Results of Metallurgical Core Drilling
5th Jan 20237:00 amRNSPhoenix Subsidiary Welcomes New General Manager
4th Jan 20237:00 amRNSAdditional Results of Metallurgical Core Drilling
9th Dec 202211:00 amRNSPrice Monitoring Extension
10th Nov 20227:00 amRNSInitial Results of Metallurgical Core Drilling
6th Oct 20227:00 amRNSBlock Listing Six Monthly Return
29th Sep 202211:05 amRNSSecond Price Monitoring Extn
29th Sep 202211:00 amRNSPrice Monitoring Extension
29th Sep 20227:00 amRNSInterim Results
23rd Sep 20229:06 amRNSSecond Price Monitoring Extn
23rd Sep 20229:00 amRNSPrice Monitoring Extension
20th Sep 20221:47 pmRNSTR-1: Notification of major holdings
15th Sep 20222:05 pmRNSSecond Price Monitoring Extn
15th Sep 20222:00 pmRNSPrice Monitoring Extension
13th Sep 20222:05 pmRNSSecond Price Monitoring Extn
13th Sep 20222:00 pmRNSPrice Monitoring Extension

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.