Phoenix Copper raises exploration funds
PERTH (miningweekly.com) – Copper and gold explorer Phoenix Copper said it would look to raise some A$2.7-million in a partially underwritten one-for-two nonrenounceable rights issue.
The rights issue would be priced at 2.3c a share, representing a 16% discount to the company’s 20-day volume weighted average price, as well as a 34% discount to Phoenix’s last trading price.
CPS Capital Group had agreed to underwrite more than 58.6-million shares, or A$1.35-million of the raising, for a fee of 5% of the total amount underwritten. Furthermore, the company’s major shareholders have agreed to subscribe for a combined A$1.2-million shareholding, comprising their own respective entitlements, as well as shortfall shares, where available.
Phoenix told shareholders on Thursday that the funds raised would go towards exploration and development activities at the company’s Northern Territory assets and for general working purposes.
Phoenix was currently working to acquire 15 mining leases and an earn-in of 90% over 21 exploration licences and four mining leases in the Northern Territory.
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