Phoenix Copper Limited
ABN 67 127 446 271
Level 1, 135 Fullarton Road
Rose Park, SA 5067
Australia
Telephone +61 (0) 8 8364 3188
Facsimile +61 (0) 8 8364 4288 [email protected] www.phoenixcopper.com.au
ASX Announcement 26 August 2015
PHOENIX COPPER TO COMPLETE $1.5 MILLION PLACEMENT
• Placements to existing major shareholders, new sophisticated and professional investors, and
Phoenix Copper Directors to raise a total of $1.48M at 1.3c per share;
o 69.5M shares will be issued without shareholder approval under the facilities available to the Company under ASX Listing Rules 7.1 and 7.1A to raise $0.9M
o a further 44.3M shares to be issued upon receipt of shareholder approval to raise
$0.58M
• Proceeds will be used to advance the Company's Hayes Creek Zinc-Gold-Silver project in the
Northern Territory and for working capital.
Phoenix Copper Limited (ASX: PNX) is pleased to report it has received subscription agreements from a number of sophisticated and professional investors (Subscribers) for the placement of 69.5 million ordinary shares at 1.3 cents each to raise $900,000. In addition, the Company has received commitment letters from 2 of the Subscribers and from Phoenix Copper Directors for a further placement of 44.3 million shares at 1.3 cents each for $575,000.
Shareholder approval for the issue of the 44.3 million shares will be sought at the Company's annual general meeting in November 2015. The 69.5 million shares for which subscription agreements have been received will be issued under the facilities available to the Company under ASX Listing Rules 7.1 and 7.1A, and will occur following completion of the placements on 2nd September 2015.
The funds will be used to advance the Company's Hayes Creek Zinc-Gold-Silver project in the Northern
Territory and to provide inputs to complete a scoping study, in particular:
• Drilling at Joplin to test a new massive sulphide target
• Drilling at Mt Bonnie to test the depth extent of the significant sulphide mineralisation identified and to estimate an initial JORC compliant resource
• Completion of metallurgical optimisation work to produce high-value, saleable products
• Ongoing regional exploration with the aim of discovering new gold &/or base metals deposits
Managing Director of Phoenix Copper, James Fox said, "It is a testament to the quality of our Hayes Creek project that the Company has attracted funding during a challenging period. This equity raising will allow us to complete planned drill programs at Hayes Creek, notably at Joplin and Mt Bonnie, and metallurgical optimisation work on the Iron Blow Zinc-Gold-Silver resource. All of which will provide key elements to enable completion of a scoping study in the new year. We thank those involved for their support, and their confidence in the Company's strategy and ongoing development of the project."
James Fox Peter Taylor
Managing Director & CEO Investor Relations
Telephone: +61 (0)8 8364 3188 Telephone: +61 (0) 412 036 231
Email: [email protected] Email: [email protected]
Website: www.phoenixcopper.com.au
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