TIDMPXC
RNS Number : 2951N
Phoenix Copper Limited
31 May 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
31 May 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Director Dealing, Exercise of Warrants and Total Voting
Rights
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and
exploration company, has been informed that Marcus Edwards-Jones,
Executive Chairman of the Company, has exercised warrants
representing a total of 134,231 ordinary shares of no par value
each ("Ordinary Shares") in the Company for total consideration of
GBP43,604.35. 53,095 of the warrants were exercised at 21 pence
each, and 81,136 warrants were exercised at 40 pence each.
Following completion of the warrant exercise, Marcus
Edwards-Jones is the beneficial holder of 1,220,882 shares in the
Company which represents 1.00 per cent. of the issued share capital
and total voting rights of the Company.
No Director of Phoenix now has any warrants in the Company
outstanding.
The Company has issued the 134,231 Ordinary Shares from its
block listing authority of 6 October 2020 and following the issue,
the Company has the ability to issue a further 7,882,611 Ordinary
Shares under its existing block listing facility.
Total Voting Rights
Following this warrant exercise and in accordance with the
Financial Conduct Authority's Disclosure and Transparency Rules,
the Company has 122,110,989 ordinary shares of no par value each in
issue, none of which are held in treasury. Therefore, the total
number of voting rights in the Company is 122,110,989 ordinary
shares.
The above figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in
the interest in, the share capital of the Company.
Contacts
For further information please visit https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1
Limited Brittany Lock 208 954
Richard Wilkins 7039
Tel: +1
208 794
8033
Tel: +44
7590 216
657
SP Angel Corporate David Hignell / Caroline Tel: +44
Finance LLP Rowe 20 3470
(Nominated 0470
Adviser)
---------------------------- ----------------
Tavira Securities Jonathan Evans / Oliver Tel: +44
Limited (Joint Stansfield 20 7100
Broker) 5100
---------------------------- ----------------
WH Ireland Harry Ansell / Adam Pollock Tel: +44
(Joint Broker) / Katy Mitchell 20 7220
1666
---------------------------- ----------------
Panmure Gordon John Prior / Hugh Rich Tel: +44
(UK) Limited / Ailsa Macmaster 20 7886
(Joint Broker) 2500
---------------------------- ----------------
EAS Advisors Matt Bonner / Rogier de Tel: +1
(US Corporate la Rambelje (646) 495-2225
Adviser)
---------------------------- ----------------
BlytheRay Tim Blythe / Megan Ray Tel: +44
(Financial 20 7138
PR) 3204
---------------------------- ----------------
Notes
Phoenix Copper Limited is a USA focused, base and precious
metals emerging producer and exploration company, initially
targeting copper and zinc production from an open pit mine.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district, at the 80% owned Empire Mine
property, which historically produced copper at grades of up to 8%,
as well as gold, silver, zinc and tungsten, from an underground
mine.
Since 2017, Phoenix has carried our extensive drill programmes
which have defined a NI 43-101 compliant PEA (preliminary economic
assessment) for an open pit heap leach solvent extraction and
electrowinning ("SX-EW") mine, which was updated in October 2020.
The contained metal in all NI 43-101 compliant categories of
resources, Measured, Indicated and Inferred, stand at 129,641
tonnes of copper, 355,523 ounces of gold, 10,133,772 ounces of
silver and 58,440 tonnes of zinc. Phoenix updated its economic
model in February 2021 to include the processing of all contained
metals through a two phased approach.
In addition to Empire, the district includes the historic
Horseshoe, White Knob and Blue Bird Mines, past producers of
copper, gold, silver, zinc, lead and tungsten from underground
mines. A new discovery at Red Star, 330 metres northwest of the
Empire Mine proposed open pit, has revealed high grade silver /
lead sulphide ore, and from three shallow exploration drill holes a
maiden resource of 103,000 tonnes containing 173.4 g/tonne silver,
0.85 g/tonne gold and 3.85% lead (1.6 million ounces silver
equivalent) was reported in an NI 43-101 technical report published
in May 2019. Additionally, the district includes Navarre Creek, a
volcanic hosted precious metals target in a 14.48 sq km area. The
Company's total land package at Empire comprises 8,034 acres (32.51
sq kms).
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. The stated aim of the Company is to fund this phased
exploration through free cashflow generated by its initial mine. A
Plan of Operations in respect of the initial open pit mine was
filed with the relevant regulatory authorities in June 2021.
Phoenix also has two wholly owned cobalt properties on the Idaho
Cobalt Belt to the north of Empire. An Earn-In Agreement has been
signed with Electra Battery Materials (formerly First Cobalt
Corporation), Toronto, in respect of one of those properties.
Phoenix is listed on London's AIM (PXC), and trades on New
York's OTCQX Market (PXCLF and PXCLY (ADRs)). More details on the
Company, its assets and its objectives can be found on PXC's
website at https://phoenixcopperlimited.com/
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
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 Copper Limited
--------------------------------- -------------------------------------
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 Shares of nil par value
instrument, type of instrument: each
Identification code:
ISIN: VGG7060R1139
--------------------------------- -------------------------------------
b) Nature of the transaction: Exercise of Warrants
--------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
1. 21 pence 53,095
81,136
2. 40 pence
-------------
--------------------------------- -------------------------------------
d) Aggregated information: Single transactions stated
Aggregated volume: above.
Price:
--------------------------------- -------------------------------------
e) Date of the transaction: 30 May 2022
--------------------------------- -------------------------------------
f) Place of the transaction: Outside a trading venue
--------------------------------- -------------------------------------
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END
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