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Phoenix Copper Ltd - developing Empire copper, gold and silver mine in the US state of Idaho - Appeals to shareholders to allow its equity raise to go forward in their voting at the company’s annual general meeting on July 24, despite a scandal involving the company’s former executive chair and chief financial officer. Early last week, Phoenix said it raised £2.4 million from a share placing with institutional investors and subscription by Phoenix directors, selling 489.2 million shares at 0.50 pence each. However, a retail share offer to raise up to a further £500,000 raised only £67,218, Phoenix said on Friday. To allow the equity raise to be completed, Phoenix needs shareholders to support a special resolution at the AGM to dis-apply their pre-emption rights. Non-Executive Chair Catherine Evans, who together with family members subscribed for 90.0 million of the new shares, issues a shareholder letter that she says is ‘at once an apology, an explanation and an appeal’. Former executive chair Marcus Edwards-Jones and CFO Richard Wilkins were removed after an investigation found that they had made unauthorised payments of company money over a nine-year period. Evans says the original investment case for Phoenix ‘remains sound’, and the board has full confidence in the potential of the Empire mine. ‘We strongly urge shareholders to support the resolutions,’ the chair says, adding: ‘The alternative is that the company may no longer be able to meet its short-term liabilities to continue trading.’ Evans and Chief Executive Officer Ryan McDermott will hold an investor webinar on Thursday this week. Current stock price: 0.50p, up 9.2% on Friday 12-month change: down 89% Copyright 2026 Alliance News Ltd. All Rights Reserved.
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