|
Phoenix Copper Ltd on Friday said it was finalising discussions to place up to $80 million of corporate copper bonds, initially announced in June. The coupons of the corporate copper bonds are linked to the average copper price and to US interest rates. The copper price coupon will be at least 8.5% per year at $3.60 per pound of copper, or lower. This is subject to a changing copper price. ‘Each $0.10 per pound increase in the copper price will increase the coupon by 0.15%, or part thereof, subject to a maximum of 20% per annum at a $11.27 per pound or higher copper price,’ Phoenix Copper said. The interest rate coupon will be the average monthly closing US federal discount rate plus 5 percentage points, between a minimum of 8.5% and maximum of 20% per year. The base and precious metals explorer in the US state of Idaho also said it signed a $2.0 million unsecured three-month loan facility carrying a fixed 4% coupon with High Wycombe, Buckinghamshire-based investment adviser RiverFort Global Opportunities PLC to strengthen operational working capital before the 2023 exploration season. Chief Executive Officer Ryan McDermott said Phoenix Copper is looking forward ‘to the upcoming 2023 exploration season, a primary focus of which will be a 60 hole drilling program at our Navarre Creek gold zone, which forms part of our expanded area of interest beyond the original Empire Mine claim blocks, as well as further drilling within those claim blocks themselves.’ Phoenix Copper said that the audit for its 2022 results is progressing well and that it plans to release its annual report at the end of next month. Phoenix Copper shares were down 24% to 20.24 pence each on Friday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
