TIDMPGM
RNS Number : 9875Q
Phoenix Global Mining Ltd
11 June 2018
Phoenix Global Mining Ltd / Ticker: AIM:PGM / Sector: Mining
11 June 2018
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Result of Annual General Meeting
Phoenix Global Mining Ltd (LSE AIM: PGM), the AIM quoted, North
American-focused base and precious metals exploration and
development company, is pleased to announce that all of the
resolutions put to shareholders at the Annual General Meeting held
today were duly passed.
Accordingly, application has been made for 45,714,286 placing
and subscription shares of nil par value each ("Placing and
Subscription Shares") which will rank pari passu with the existing
ordinary shares in the Company, to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings will commence at 8.00am on 12 June 2018.
Director shareholdings
Following the issue of the Placing and Subscription Shares, and
the director dealings announced on 5 June 2018, directors of the
Company will hold the following shares:
% of enlarged share
No of ordinary shares held capital following
following admission of the admission of the
Placing and Subscription Placing and Subscription
Director Shares Shares
Marcus Edwards-Jones 3,977,315 1.3%
Roger Turner 11,435,714 3.6%
Dennis Thomas 10,987,584 3.5%
Richard Wilkins 6,304,963 2.0%
Andre Cohen 1,856,669 0.6%
Jason Riley 42,857 0.01%
Ryan McDermott, CEO of Konnex Resource Inc and General Manager
of the Empire Mine, will hold 1,802,778 ordinary shares, being 0.6%
of the enlarged share capital following admission of the Placing
and Subscription Shares.
Total Voting Rights
Following the issue of the 45,714,286 Placing and Subscription
Shares, the issued share capital of the Company will consist of
318,000,759 ordinary shares. No shares will be held in treasury at
the date of this announcement. The total current voting rights in
the Company following the issue of the Placing and Subscription
Shares will therefore be 318,000,759.
The above total current voting rights number is the figure which
may be used by shareholders as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company.
Issue of Warrants
The Company has also now issued an aggregate of 4,273,424
warrants to Brandon Hill Capital, SP Angel Corporate Finance LLP
and others for services in connection with the placing as announced
on 29 May 2018. The warrants are exercisable at a price of 3.5
pence at any time until 30 June 2020.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
1. 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 Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 571,429
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 571,429
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Roger Turner
----------------------------------------- --------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------
a) Position/status: Chief Technical Officer
and Non-Executive Director
----------------------------------------- --------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name: Phoenix Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 285,714
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 285,714
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Dennis Thomas
----------------------------------------- --------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------
a) Position/status: Chief Executive Officer
----------------------------------------- --------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name: Phoenix Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 285,714
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 285,714
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Richard Wilkins
----------------------------------------- --------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------
a) Position/status: Chief Financial Officer
----------------------------------------- --------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name: Phoenix Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 230,000
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 230,000
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Andre Cohen
----------------------------------------- --------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- --------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name: Phoenix Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 150,000
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 150,000
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Jason Riley
----------------------------------------- --------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- --------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name: Phoenix Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 42,857
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 42,857
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Ryan McDermott
----------------------------------------- --------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------------
a) Position/status: CEO of Konnex Resource,
Inc and General Manager
of Empire Mine
----------------------------------------- --------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name: Phoenix Global Mining
Ltd
----------------------------------------- --------------------------------------
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, Shares of nil par value
type of instrument: each
Identification code:
ISIN: VGG7060R1055
----------------------------------------- --------------------------------------
b) Nature of the transaction: Participation in Placing
and Subscription
----------------------------------------- --------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
3.5 pence 215,000
----------
----------------------------------------- --------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 3.5 pence 215,000
----------------------------------------- --------------------------------------
e) Date of the transaction: 11 June 2018
----------------------------------------- --------------------------------------
f) Place of the transaction: AIM
----------------------------------------- --------------------------------------
**ENDS**
For further information please visit www.pgmining.com or
contact:
Phoenix Global Mining Dennis Thomas / Richard Wilkins Tel: +44 7827
Ltd 290 849 (Dennis)
/
+44 7590 216
657 (Richard)
SP Angel Lindsay Mair / Caroline Rowe Tel: +44 20
(Nominated Adviser 3470 0470
and Joint Broker
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20
(Joint Broker) 3463 5000
----------------------------------- ------------------
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a North
American-focused, base and precious metal explorer and developer,
which is fast-tracking the historically-producing Empire Mine in
Idaho, USA, back into production and exploring for cobalt in Idaho
and gold in Canada.
Having established an initial copper oxide JORC and NI 43-101
resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547t
contained Cu, plus zinc, gold and silver, Phoenix has defined a
two-phase development strategy. Phase One is focused on commencing
low cost, open pit production from the current oxide resource,
targeting 8,000t copper cathode per annum. Stage Two will look to
extend the life of mine by targeting the deeper (below c.120m),
higher grade copper sulphides, where intercepts of up to 11.4% Cu
have been recovered. A Preliminary Economic Analysis on the
priority open pit oxide resource was completed in April 2018. It is
estimated that only 5% of the potential ore system has been
explored to date and accordingly there is significant opportunity
to increase the resource through phased exploration; the current
resource relates to the oxide resource only, which remains open
along strike and does not include the deeper, higher grade
sulphides. Phoenix owns 80% of Empire.
The Company also holds 100% of the Bighorn and Redcastle
cobalt-copper properties in Idaho, USA, which are located north of
the Empire Mine on the Idaho Cobalt Belt. These are situated close
to the town of Cobalt and are close to projects being advanced by
Canadian junior miners, including eCobalt Solutions and First
Cobalt. Exploration will continue during 2018 to identify drilling
targets.
The Company has also acquired an exclusive option to earn into
80% of the Gordon Lake Project, in the Northwest Territories,
Canada, a high-grade shear hosted gold project comprising of 17
known mineralised zones of which only four have been tested with 59
diamond drill holes. The Company will proceed to examine the
optimal way forward to develop the project as a low-cost
underground gold producer.
With a management team that has successfully constructed,
commissioned and operated mines and low risk, mining-friendly
jurisdictions with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base and precious metals
producing company, offering exposure to three high value and high
demand metals with compelling demand/supply fundamentals.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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