Phoenix Copper restructures short-term loan facility

(Sharecast News) - Phoenix Copper announced the restructuring of its short-term loan facility on Wednesday, through an additional drawdown, extension and partial debt-to-equity conversion. The AIM-traded, US-focused metals producer said it had drawn down a further $0.64m, extended the facility's maturity to 30 June 2026, and converted $0.68m of outstanding principal and interest into 16.93 million new shares at 3p each.

It said the restructuring left an outstanding facility balance of $2.01m.

Phoenix said the additional funds woud provide working capital while it completed the planned placement of $75m in corporate copper bonds, due between 2029 and 2033.

The new shares were expected to begin trading on AIM on or around 19 August, taking the company's total issued share capital to 241.46 million shares.

At 1317 BST, shares in Phoenix Copper were down 0.09% at 2.99p.

Reporting by Josh White for Sharecast.com.