StockMarketWire.com - Phoenix Copper said it had raised £0.85m from an issue of share and unsecured loan notes to help fund silver project in Idaho.

New shares in the company were issued at 17p each to raise £0.34m, while another £0.51m was raised from 12% unsecured loan notes, repayable on 31 January 2021.

The Company said it would also grant 0.65m warrants to the loan note holders exercisable at 20p per share and valid until 31 July 2022.

The proceeds woudl be primarily used to develop the resources at the company's Red Star silver deposit adjacent to the proposed Empire Mine open pit copper project in Idaho.


At 1:08pm: [LON:PXC] share price was +1p at 14.5p



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