TIDMPXC
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:
Number of Options
Director Position Granted
Marcus Edwards-Jones Executive Chairman 300,000
------------------------ ------------------
Chief Executive
Ryan McDermott Officer 300,000
------------------------ ------------------
Chief Financial
Richard Wilkins 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 GBP0.50, 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 Ryan McDermott Tel: +1 208
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Tel: +44 20
Adviser) Rowe 3470 0470
----------------------------------- ---------------
Brandon Hill Jonathan Evans / Oliver Stansfield Tel: +44 20
Capital (Joint 3463 5000
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Tel: +44 20
(UK) Limited Ailsa Macmaster 7886 2500
(Joint Broker)
----------------------------------- ---------------
EAS Advisors Matt Bonner / Rogier de la Tel: +1 (646)
(US Corporate Rambelje 495-2225
Adviser)
----------------------------------- ---------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 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 km (2)
Empire 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
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 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 Shares of nil par value each
instrument, type of instrument: ISIN: VGG7060R1139
Identification code:
--------------------------------- ----------------------------------------------------------
b) Nature of the transaction: Grant of Options
--------------------------------- ----------------------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
i) 50 pence ix) 300,000
ii) 50 pence x) 300,000
iii) 50 pence xi) 300,000
iv) 50 pence xii) 200,000
v) 50 pence xiii) 150,000
vi) 50 pence xiv) 150,000
vii) 50 pence xv) 100,000
viii) 50 pence xvi) 200,000
--------------------
--------------------------------- ----------------------------------------------------------
d) Aggregated information: Aggregate transaction: Price(s) Volume(s)
Aggregated volume: 50 pence 1,700,000
Price:
--------------------------------- ----------------------------------------------------------
e) Date of the transaction: 3 June 2021
--------------------------------- ----------------------------------------------------------
f) Place of the transaction: Outside a trading venue
--------------------------------- ----------------------------------------------------------
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END
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