TIDMPXC
RNS Number : 1595B
Phoenix Copper Limited
06 October 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
6 October 2020
Phoenix Copper Limited
("Phoenix" or the "Company")
Block Admission
Phoenix Copper Limited (AIM: PXC; OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals company, announces
that an application has been made to the London Stock Exchange for
a block admission of up to 7,717,236 ordinary shares of no par
value in the Company (the "New Ordinary Shares") to be admitted to
trading on AIM ("Admission").
The Company currently has the following existing warrants over
ordinary shares in issue:
Number of Warrants Exercise Price Expiry Date
668,000 16 pence 31 July 2022
530,467 18 pence 30 June 2023
386,000 20 pence 31 July 2022
127,962 21 pence 30 June 2022
4,609,213 28 pence 31 January 2022
427,343 35 pence 30 June 2022
641,157 40 pence 30 June 2022
327,094 60 pence 31 December 2021
The block admission has been filed to enable holders of the
Company's warrants to continue to voluntarily exercise them without
the need for the issue of a separate RNS and admissions filing each
time this occurs. The Company will notify on a monthly basis when
there are changes to the issued share capital of the Company, and
these monthly figures 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 in their
interest in, the share capital of the Company. The Company will
also make six-monthly announcements regarding the utilisation of
the block admission in line with its obligations under AIM Rule 29.
It is expected that the block admission will become effective on 12
October 2020.
The New Ordinary Shares may be issued from time to time pursuant
to the exercise of existing warrants. If and when issued, the New
Ordinary Shares will rank pari passu in all respects with the
existing ordinary shares of the Company. If all the warrants are
exercised, the total consideration to the Company will be GBP2.2
million.
The warrants shown above represent the total number of warrants
currently outstanding.
The total number of ordinary shares of no par value in the
Company as at the date of this announcement is 63,179,489 shares.
For the purposes of the Disclosure Guidance and Transparency Rules,
shareholders may use this figure as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
issued share capital of the Company. No ordinary shares are held in
treasury.
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.
Contacts
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208 954
Limited Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel David Hignell / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser) 0470
----------------------------------- -----------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
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WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- -----------------
Blytheweigh Tim Blythe / Megan Ray / Rachael Tel: +44 20 7138
(Financial PR) Brooks 3204
----------------------------------- -----------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal explorer and developer, which has carried out a
drilling programme and generated a copper, gold, silver and zinc
resource on which it is carrying out a feasibility study to bring
the historically producing Empire Mine in Idaho, USA, back into
production. It is also evaluating the silver and gold resources
around three other past producing mines within the 23 km (2) Empire
claims block as well as cobalt in two claims blocks north of Empire
in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2019, which was generated for a heap
leach copper SX/EW operation where only copper was recovered. A
further updated NI 43-101 compliant resource was generated in May
2020 for all metals, which resulted in an increase of measured and
indicated resources of +56% gold, +11% copper, +13% silver and +26%
zinc. Present contained metal in all NI 43-101 compliant categories
of resources, measured, indicated and inferred, stand at 342,249
ounces of gold, 129,923 tonnes of copper, 9,502,494 ounces of
silver and 50,550 tonnes of zinc.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres to 5,717 acres, mainly to the northwest
and west, and in so doing has increased the potential for
additional oxide and sulphide copper resources, as well as the
potential for stand-alone gold and silver resources, along a strike
length of approximately 5.4 km towards the other brownfield mines
of the Horseshoe, White Knob and Blue Bird Mines now within the
property boundary. In particular, a new discovery at Red Star, 330
metres north west of the Empire Mine proposed open pit, has
revealed sulphide ore and from three shallow exploration drill
holes a NI 43-101 compliant maiden resource of 1.6 million silver
equivalent ounces was reported.
At Empire, it is estimated that less than 1% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration.
More details on the Company, its assets and its objectives can
be found on PXC's website at www. phoenixcopperlimited.com .
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END
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