Business
Private Subscription of £300,000 Lapse of Warrants
Private Subscription of £300,000 Lapse of Warrants.
About this update from Phoenix Copper Ltd. (united Kingdom)
[{"type":"text","content":"\n\nPhoenix Copper Limited / Ticker: PXC / Sector: Mining\n \n7 April 2025\nPhoenix Copper Limited\n(\"Phoenix\" or the \"Company\")\nPrivate Subscription to raise £300,000\nLapse of Warrants and Options\n \nPhoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, USA focused base and precious metals emerging producer and exploration company, is pleased to announce a private subscription to one individual subscriber (the \"Subscriber\") for 10,000,000 new ordinary shares of no par value in the Company at 3.0 pence per share (\"New Ordinary Shares\"), to raise gross proceeds of £300,000 (the \"Subscription\"), representing 4.83% of the enlarged share capital of the Company.\n \nLapse of Warrants and Options\nIn addition, the Company confirms that 10,000,000 existing warrants and options to subscribe for ordinary shares in the Company (the \"Warrants\" or the \"Options\") have been allowed to lapse, enabling the Company to complete the Subscription, which will provide the Company with additional working capital, without increasing the Company's fully diluted share capital. In total, 3,775,000 Warrants and 6,225,000 Options have lapsed. The Options were all held by directors, advisory board members and senior employees of the Company.\n \nFollowing the lapse of the Warrants and Options, the issue of the New Ordinary Shares and the exercise of warrants between the period 11 October 2024 and 7 April 2025 following the Block Listing update announced on 7 October 2024, the Company will have 207,184,092 ordinary shares in issue. 15,210,443 vested warrants outstanding, and no options outstanding. Shareholders may use the number of outstanding ordinary shares as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the issued share capital of the Company. The Company's fully diluted share capital remains unaffected.\n \nApplication for Admission\nApplication has been made for the New Ordinary Shares, which rank pari passu with the existing ordinary shares in issue, to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and dealings will occur at 8:00am UK time on or around 10 April 2025.\n \nFinancing Update\nFollowing the Subscription, the Company will con...