- Mining group Phoenix Copper has raised £16.45 million through a placing and subscription to fund the development of its Empire Mine, with an open offer set to raise a further £1.95 million.

The company raised a total of £12.3 million in aggregate before costs through the placing of 35,129,991 new shares at an issue price of 35p per share and announced a direct subscription for 11,870,009 new shares, raising £4.15 million.

It said that in order to provide qualifying shareholders with an opportunity to participate in the fundraising at the issue price, they may subscribe for new shares to raise up to a further £1.95 million.

The funding will go towards the ongoing development of the Empire Mine open pit 'starter' project to produce copper, zinc, gold and silver.

Chairman Marcus Edwards-Jones said: 'Specifically the funds will be used for ongoing mine optimisation and pre-construction engineering, ongoing process engineering and metallurgical test work, and the preparation of the plan of pperations and related reclamation plan.

'The company also intends to pursue ongoing exploration at both the Red Star high grade silver- lead deposit just north of the Empire open pit area, and the recently staked Navarre Creek gold project, which geologically has similarities to the volcanic hosted gold deposits on the Carlin trend in Nevada.'

Phoenix Copper will use the balance of the fundraising to repay its recently announced £2 million loan facility and provide it with additional working capital.

At 9:51am: [LON:PXC] share price was 0p at 40p

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