Phoenix Copper Ltd Secures $80M for Empire Mine

Phoenix Copper Ltd. (GB:PXC) has released an update.

Phoenix Copper Ltd. has successfully completed a full subscription for their $80 million corporate copper bond issuance, which will fund the construction of the Empire Open-Pit Mine in Idaho and for working capital. These bonds, with a floating rate coupon between 8.5% and 20%, are set to mature between 2029 and 2033 and are secured over the company’s interests in the Empire Mine. The deal includes the issuance of new shares and warrants to the European private equity investor NIU Invest SE, allowing for a potential 25% stake in Phoenix over five years.

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