Highlights

  • PXC raises GBP 500,000 via placing of 12.5 million new shares at 4p each.
  • The company decided to use net proceeds for working capital ahead of proposed GBP 75 million copper bond issue.
  • PXC share capital to increase to approximately 224.54 million shares post-admission.

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), is an AIM-quoted mining company focused on developing base and precious metal assets in the United States. The company’s primary operations are located in Idaho, where it is advancing projects targeting copper, gold, silver, and zinc. Phoenix Copper also trades on the OTCQX market under the symbol PXCLY.

The company has raised GBP 500,000 before expenses through a placing of 12,500,000 new ordinary shares at a price of 4 pence per share. The capital raise follows investor-led demand and is intended to support the company’s short-term working capital requirements.

The new shares, referred to as the Placing Shares, will rank equally with existing ordinary shares in the company. Application for admission of the Placing Shares to trading on the AIM market has been submitted. The shares are expected to be admitted and begin trading at 8:00am UK time on or around 18 June 2025.

Phoenix Copper noted that the funds will provide interim liquidity while the company finalises its previously announced GBP 75 million corporate copper bond financing. This proposed bond issue was detailed in an announcement made on 12 June 2025 and is expected to provide the company with longer-term capital to support its copper project development plans.

Following the admission of the Placing Shares, the company’s total number of shares in issue will increase to 224,537,300. This figure may be used by shareholders as the denominator for calculating whether they are required to notify the company of changes to their interests under applicable disclosure and transparency rules.

In accordance with regulatory requirements, Phoenix Copper confirmed that the information contained in its announcement constituted inside information prior to its release. Upon publication through a regulatory information service, that information is now considered public.