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Phoenix Copper Ltd on Monday concluded a placing and subscription which raised over £2 million, but believes it will need further funding to continue its activities within the next few months. The US-focused base and precious metals exploration and production company announced the fundraise on Friday. On Monday, it reported that the placing and subscription’s gross proceeds totalled £2.4 million, for net proceeds of approximately £2.1 million. Assuming that shareholders approve the fundraise at its annual general meeting on July 24, it will issue 364.2 million placing shares and 125.0 million subscription shares at 0.5 pence each. Shares in the company closed 55% lower at 0.49 pence on Monday in London. Phoenix Copper intends to issue 163.1 million warrants, one for every three placing and subscription shares, following admission. Interim Non-Executive Chair Catherine Evans, and ‘certain members of her family,’ have directly subscribed for 70.0 million subscription shares and indirectly subscribed for 20.0 million placing shares, and will be issued with 30.0 million warrants. Also on Monday, Phoenix Copper announced the retail offer, through which it proposes to raise approximately £500,000 through the issue of approximately 100.0 million shares at the 0.5p issue price. The company noted that the issue price represents a discount of approximately 54.5% to its closing price of 1.1p per existing share on Friday last week. It also intends to issue one warrant for every three retail offer shares. These will be exercisable for two years from the date of issue. Phoenix Copper intends to announce the results of the retail offer on Friday. ‘The net proceeds from the fundraise are intended to be used for the repayment of short-term debt, process design engineering activities, UK and US operational costs, current operational debt service and for working capital purposes,’ the company said. It expects the fundraising to sustain it in the short term, but that ‘in addition to sourcing the funding required for the construction of the Empire Mine, further funds will be required’ for its activities ‘in the near term and in any event before the end of September 2026.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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