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Phoenix Copper Ltd (PXC)

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Friday 04 June, 2021

Phoenix Copper Ltd

Grant of Options

RNS Number : 8991A
Phoenix Copper Limited
04 June 2021
 

Phoenix Copper Limited / Ticker: PXC / Sector: Mining 

4 June 2021

 

Further to RNS number 7917A which was released at 7:00a.m. on 4 June 2021, Phoenix Copper Limited advises that the vesting period of the Options previously stated, as being 50% after six months and 50% after twelve months, was incorrect. The full corrected announcement is as per below. All other information was correct.

 

Phoenix Copper Limited

("Phoenix" or the "Company")

 

Grant of Options

 

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA focused base and precious metals emerging producer and exploration company, announces a grant of options over an aggregate of 2,350,000 ordinary shares of no par value (the "Options"). All the Options have been granted upon the recommendation of the Company's Remuneration Committee and pursuant to the terms of the Company's Staff Incentive Scheme, which was implemented in June 2017, in conjunction with the Company's Admission to trading on AIM.

 

A total of 1,500,000 Options have been granted to Directors of the Company, as per the table below:

 

Director

Position

Number of Options Granted

Marcus Edwards-Jones

Executive Chairman

300,000

Ryan McDermott

Chief Executive Officer

300,000

Richard Wilkins

Chief Financial Officer

300,000

Roger Turner

Non-Executive Director

200,000

Andre Cohen

Non-Executive Director

150,000

Catherine Evans

Non-Executive Director

150,000

Jason Riley

Non-Executive Director

100,000

 

In addition, a total of 450,000 Options have been granted to members of the Company's recently created Advisory Board, as per the table below:

 


Number of Options Granted

Dennis Thomas

200,000

Harry Kenyon-Slaney

250,000

 

400,000 Options have also been granted to employees of Konnex Resources Inc, the Company's Idaho registered operating subsidiary, on the same terms.

 

The Options have an exercise price of £0.50, vest 50% on signing of construction financing to build either the Empire Open Pit or the Red Star Silver Deposit, and 50% on the commencement of commercial production from the Empire Open Pit or Red Star, whichever comes first. The Options will expire three years from the date of grant.

 

Following this grant of Options, the total number of ordinary shares under option is 6,025,000, representing 5.18 per cent. of the Company's issued share capital.

 

Market Abuse Regulation (MAR) Disclosure

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

Contacts

 

For further information please visit https://phoenixcopperlimited.com or contact:

 

Phoenix Copper Limited

Ryan McDermott

Dennis Thomas

Richard Wilkins

Tel: +1 208 954 7039 

Tel: +44 7827 290 849

Tel: +44 7590 216 657 

SP Angel (Nominated Adviser)

David Hignell / Caroline Rowe

Tel: +44 20 3470 0470

Brandon Hill Capital (Joint Broker)

Jonathan Evans / Oliver Stansfield

 

Tel: +44 20 3463 5000

WH Ireland (Joint Broker)

Harry Ansell / Adam Pollock / Katy Mitchell

Tel: +44 207 2201666

Panmure Gordon (UK) Limited (Joint Broker)

John Prior / Hugh Rich / Ailsa Macmaster

Tel: +44 20 7886 2500

EAS Advisors (US Corporate Adviser)

Matt Bonner / Rogier de la Rambelje

Tel: +1 (646) 495-2225

Blytheweigh
(Financial PR)

Tim Blythe / Megan Ray

Tel: +44 20 7138 3204

 

Notes

 

Phoenix Copper Limited is a USA focused, base and precious metal emerging producer and exploration company, 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 27.8 kmEmpire 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 km² 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 2020 and October 2020 for all metals. Present contained metal in all NI 43-101 compliant categories of resources, measured, indicated and inferred, stand at 355,523 ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of silver and 58,440 tonnes of zinc. Following the latest NI 43-101 compliant resource, Phoenix updated its economic model in February 2021 to include the processing of all contained metals through a two phased approach.

 

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  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:

i)  Marcus Edwards Jones

ii)  Ryan McDermott

iii)  Richard Wilkins

iv)  Roger Turner

v)  Andre Cohen

vi)  Catherine Evans

vii)  Jason Riley

viii)  Dennis Thomas

 

2. 

Reason for the notification

a)

Position/status:

i)  Executive Chairman

ii)  Chief Executive Officer

iii)  Chief Financial Officer

iv)  Non-Executive Director

v)  Non-Executive Director

vi)  Non-Executive Director

vii)  Non-Executive Director

viii)  Advisory board member and VP Investor Relations

 

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 instrument, type of instrument:

Identification code:

 

Shares of nil par value each

 ISIN: VGG7060R1139

b)

Nature of the transaction:

Grant of Options

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

i)  50 pence

ii)  50 pence

iii)  50 pence

iv)  50 pence

v)  50 pence

vi)  50 pence

vii)  50 pence

viii)  50 pence

 

ix)  300,000

x)  300,000

xi)  300,000

xii)  200,000

xiii)  150,000

xiv)  150,000

xv)  100,000

xvi)  200,000

 

 

d)

Aggregated information:

Aggregated volume:

Price:

Aggregate transaction:

Price(s)

Volume(s)

50 pence

1,700,000

 

 

 

e)

Date of the transaction:

3 June 2021

f)

Place of the transaction:

Outside a trading venue

 

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