Business
Exgen Reports Phoenix Empire Funding Update
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FO...
About this update from Exgen Resources Inc.
[{"type":"text","content":"Exgen Reports Phoenix Empire Funding Update\n\n\n\n\n NOT\n \n\n FOR\n \n\n DISTRIBUTION\n \n\n TO\n \n\n UNITED\n \n\n STATES\n \n\n NEWSWIRE\n \n\n SERVICES\n \n\n OR\n \n\n FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n VANCOUVER, British Columbia, June 25, 2025 (GLOBE NEWSWIRE) --\n \n ExGen Resources Inc.\n \n (TSX.V: EXG; OTC: BXXRF) (\"\n \n ExGen\n \n \", the \"\n \n Company\n \n \"): ExGen is pleased to provide an update in respect of Phoenix Copper Limited’s (“Phoenix”) development and construction activities at the Empire Mine Project in Custer County, Idaho, USA, further to Phoenix’s news release of June 12, 2025. ExGen owns 20% and Phoenix owns 80% of Konnex Resources, Inc. (“Konnex”), which holds the leases and claims to the Empire Mine Project, which includes all of the Navarre Creek claim block. ExGen further owns 1,330,000 common shares of Phoenix.\n \n\n Jason Riley, Chairman and CEO of ExGen, commented: \"We are very encouraged by this recent funding possibility for Empire and look forward to providing updates as they become available.\"\n \n\n\n Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, USA focused base and precious metals emerging producer and exploration company, reported that further to its announcement on 14 November 2024, it has signed a Letter of Intent (\"LOI\") with an accredited US based investor (the \"Investor\") to subscribe for $75 million of the Company's listed, secured floating rate minimum 8.5% corporate copper bonds due 2029-2033 (the \"Bonds\").\n \n\n\n\n Pursuant to the LOI, which is non-binding and subject to any further due diligence that may be required, placement of the Bonds is subject to the preparation and execution of definitive legal documentation, including the Bonds subscription letter. Phoenix expects the Bonds to be drawn down in three tranches: $30 million on execution of the legal documentation (the \"First Tranche\"), followed by two further tranches of amounts and on dates to be mutually agreed between Phoenix and the Investor (the \"Bonds Drawdown\") in due course.\n \n\n\n\n The LOI also provides for the issue to the Investor of a preference share of no par value convertible at £0.05 per share into 25 million new ordinary shares of no par value, currently representing approximately 10.5% of the e...