Phoenix Copper Raises £300,000 Through Private Subscription

Phoenix Copper ( (GB:PXC) ) has issued an update.

Phoenix Copper Limited has announced a private subscription to raise £300,000 through the issuance of 10,000,000 new ordinary shares, representing 4.83% of its enlarged share capital. This move provides the company with additional working capital without increasing its fully diluted share capital, as 10,000,000 existing warrants and options have lapsed. The company is focusing on securing additional financing through copper bonds to support the construction of the Empire Mine. The new US administration’s emphasis on domestic mineral production, particularly copper, is expected to benefit Phoenix Copper as it advances its operations and simplifies the permitting process for its Empire Mine project.

More about Phoenix Copper

Phoenix Copper Limited is an emerging producer and exploration company specializing in base and precious metals, with a focus on copper, gold, and silver extraction from an open-pit mining operation in the United States. The company’s flagship asset is the Empire Mine in Idaho, where it holds an 80% ownership stake. Phoenix has expanded its resource base significantly since 2017 and also owns additional mining properties in the region.

YTD Price Performance: -37.80%

Average Trading Volume: 8,033

Technical Sentiment Signal: Strong Buy

Current Market Cap: $8.91M

Learn more about PXC stock on TipRanks’ Stock Analysis page.