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Phoenix Copper progressing finance arrangements for Empire Mine
(Sharecast News) - Phoenix Copper updated the market on its corporate copper bond financing and short-term loan facility on Friday. The AIM-traded company said it was actively discussing with potential bond investors to finance the Empire open-pit copper mine in Idaho.
It said the needed documents for the creation of the bonds were now finalised, and the bond security was officially recorded with the Custer County Recorder in Challis, Idaho.
Additionally, the bonds had been deposited with the settlement agent.
However, issuing the bonds remained contingent on the successful conclusion of discussions with interested bond investors.
Phoenix Copper also updated stakeholders on the $2m short-term loan facility it announced on 24 March 2023.
The company said it was in negotiations with the lender to expand and convert the facility into a more extensive financial arrangement.
It said the adjustment aimed to increase working capital, potentially for purposes beyond constructing the Empire open-pit copper mine.
While there were no guarantees at this stage, Phoenix Copper's board said it was confident that the bond financing would ultimately materialise and the facility would be transitioned into a more extensive one.
At 1322 GMT, shares in Phoenix Copper were down 1.27% at 18.51p.
Reporting by Josh White for Sharecast.com.
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