Phoenix Copper Plans GBP3 Million Capital Raise

Phoenix Copper (PXC.L) is aiming to raise 2.8 million pounds sterling through a placing and subscription, and a retail offer, all at 0.005 pound apiece. The US-focused base and precious metals producer and explorer plans to use the net proceeds to repay debt, fund process design engineering activities, cover operational expenses in the UK and the US, service operational debt, and provide working capital. The company plans to raise 2.3 million pounds by issuing 334 million new shares under the placing and 125 million new shares under the subscription offer. It also plans to raise 500,000 pounds through a retail offering, which is subject to the completion of the share placement. Completion of the fundraise is expected by July 27, subject to shareholder approval at the annual general meeting scheduled for July 24.