TIDMPXC
RNS Number : 5566X
Phoenix Copper Limited
20 December 2019
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
20 December 2019
Phoenix Copper Limited (the "Company" or "Phoenix")
Extension of Warrants
Phoenix Copper Limited (AIM: PXC; OTCQX: PGMLF), the AIM quoted
North American focused base and precious metals exploration and
development company, today announces that it has extended the
expiry date on a class of warrants by an additional two years.
The expiry date on 327,094 warrants (as consolidated in August
2018), with an exercise price of 60 pence per share (the
"Warrants"), has been extended from 31 December 2019 to 31 December
2021(the "Warrant Extension"). Existing Warrant certificates will
remain valid and the new expiry date will be reflected on the
Company's Register of Warrant Holders. The exercise price will
remain unchanged. Of these Warrants, a total of 42,306 are held by
Dennis Thomas (CEO), Roger Turner (CTO and NED) and Richard Wilkins
(CFO).
Related Party Transaction
Certain of the Warrants are held by Directors of the Company and
accordingly, the extension of the exercise period of the Warrants
constitutes a related party transaction under Rule 13 of the AIM
Rules. Accordingly, Marcus Edwards-Jones, Ryan McDermott, Andre
Cohen and Jason Riley, as the independent directors, consider,
having consulted with the Company's nominated adviser, that the
terms of the Warrant Extension are fair and reasonable insofar as
shareholders of the Company are concerned.
Dennis Thomas, Chief Executive Officer, commented: "I am pleased
to be able to inform the relevant Warrant holders that their
Warrants have been extended by two years. We value their support
and this additional timeline is intended to allow the Company to
proceed into production at our Empire project in Idaho, USA prior
to the extended expiry date."
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 Limited Dennis Thomas / Richard Wilkins Tel: +44 7827
290 849 (Dennis)
/
+44 7590 216 657
(Richard)
SP Angel David Hignell / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser 0470
and Joint Broker)
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- ------------------
Medea Natural Resources Leonidas Howden / Fred White Tel: +44 20 7770
Ltd (Financial Advisor) 6926
----------------------------------- ------------------
Blytheweigh Megan Ray / Rachael Brooks Tel: +44 20 7138
(Financial PR) / Said Izagaren 3204
----------------------------------- ------------------
Notes
Phoenix Copper Limited 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.
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.
However, Phoenix has increased the claim area from 818 acres at
the time of its acquisition 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 2,500 metres 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.
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 Copper 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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1139
------------------------------------------- --------------------------
b) Nature of the transaction: Extension of Warrants
------------------------------------------- --------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
60
pence 14,028
----------
------------------------------------------- --------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume: 60
Price: pence 14,028
------------------------------------------- --------------------------
e) Date of the transaction: 20 December 2019
------------------------------------------- --------------------------
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 Copper 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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1139
----------------------------------------- ----------------------------
b) Nature of the transaction: Extension of Warrants
----------------------------------------- ----------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
60
pence 21,278
----------
----------------------------------------- ----------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume: 60
Price: pence
21,278
----------
----------------------------------------- ----------------------------
e) Date of the transaction: 20 December 2019
----------------------------------------- ----------------------------
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 Copper 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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1139
------------------------------------------- --------------------------
b) Nature of the transaction: Extension of Warrants
------------------------------------------- --------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
60
pence 7,000
----------
------------------------------------------- --------------------------
d) Aggregated information: Price(s) Volume(s)
Aggregated volume:
Price: 60
pence 7,000
----------
------------------------------------------- --------------------------
e) Date of the transaction: 20 December 2019
------------------------------------------- --------------------------
f) Place of the transaction: Outside a trading venue
------------------------------------------- --------------------------
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END
MSCEAKANFSPNFFF
(END) Dow Jones Newswires
December 20, 2019 02:00 ET (07:00 GMT)
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