London miner Phoenix Copper announces deeply discounted share issue
Tap title to read story
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.
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.
More context
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
Why it matters
Phoenix Copper's discounted share issue could affect its stock price. If you own shares or are considering buying, keep an eye on this. The company's plan to repay debt and cover operational costs may also impact its future performance.
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
