Phoenix Copper raises £0.5m to strengthen capital position

(Sharecast News) - Phoenix Copper announced on Friday that it has raised £0.5m through a share placing to strengthen its working capital position, as it progressed plans for a larger $75m copper bond issuance. The AIM-traded, US-focused metals company said it issued 12.5 million new shares at 4p per share in response to investor demand.

It said the proceeds would support operations while the company finalised the proposed bond placement, which was announced on 12 June.

Application had been made for the new shares to be admitted to trading on AIM, with admission expected to take effect at 0800 on 18 June.

The placing shares would rank pari passu with existing ordinary shares.

Following admission, Phoenix Copper would have 224,537,300 shares in issue.

At 1501 BST, shares in Phoenix Copper were down 11.33% at 4.66p.

Reporting by Josh White for Sharecast.com.