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Phoenix Global raises GBP 1 million to advance empire mine

Mining News - Published on Mon, 11 Feb 2019

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Phoenix Global Mining Ltd said that it has raised GBP 950,000, before expenses, by way of a share placing and subscription. The North American-focused precious metals exploration and development company said it issued 5.6 million shares at a price of 17 pence each. Phoenix Global Mining shares were trading 4.2% higher on Wednesday at 19.80p each, giving it a market capitalisation of GBP 6.3 million. It will issue one warrant for every four new shares subscribed, exercisable at 28p per share and valid until the end of January 2022.

Phoenix Global Mining said some directors and members of senior management have indicated their intention to subscribe for an aggregate of GBP35,000. The company said the proceeds will be used to further advance its flagship asset, the historically producing Empire mine in Idaho, US. Phoenix Global Mining said it intends to substantially increase its acreage surrounding the Empire mine to accommodate the expanding resource.

Chief Executive Mr Dennis Thomas said that "We look forward to reporting the new resource calculation, being completed by our bankable feasibility consultant, RPM Global of Denver Colorado. At the same time, we will continue to explore the expanded Empire property for base metal oxides and sulphides, as well as gold and silver and perhaps tungsten which occurred in the lower levels of the old Empire mine," added Thomas.

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Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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