London miner Phoenix Copper announces deeply discounted share issue
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In London on Thursday, Phoenix Copper Limited said it plans to raise about £2.3 million gross via a placing and subscription of roughly 460 million new ordinary shares at 0.5 pence each, a 54.5% discount to Tuesday’s 1.1 pence closing mid-market price. Net proceeds of about £2.0 million will be directed to repaying short-term debt, process design engineering, UK and US operational costs, operational debt service, and working capital. The fundraising includes a £1.7 million placing, a £0.6 million subscription, and an intended £0.5 million retail offer, with attached two‑year warrants at 1.0 pence per share. Completion is targeted for late July 2026, subject to shareholder approval.
Timeline
- Tuesday Phoenix shares close at 1.1 pence
- Thursday Company announces £2.3 million fundraising
- Thursday Discounted 0.5 pence issue price disclosed
- Thursday Director indicates participation in subscription
- Thursday Warrants offered, exercisable at 1.0 pence
- On or around Jul 24 2026 Annual general meeting to approve fundraising
- On or around Jul 27 2026 Placing, subscription and retail complete
Sources
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