Phoenix Copper extends warrant close period amid funding talks

United States-focussed metals explorer and producer Phoenix Copper updated the market on the extension to the expiry date on a class of warrants for certain company insiders on Friday, which it announced on 31 January.

The AIM-traded firm said it was in discussions with a number of US-based broker-dealers, with a view to leading a proposed placement of non-dilutive loan notes to finance construction and development of the Empire Open Pit Copper Mine in Idaho.

“Until these discussions are concluded, or terminated, and the proposed terms of the loan notes made public, the directors consider the insiders to remain in a close period,” the board said in its statement.

“Accordingly, the expiry date of the 121,111 warrants held by the Insiders will be further extended until such time that the close period has ended.”

Phoenix said the exercise price of the warrants would remain unchanged.

At 1334 GMT, shares in Phoenix Copper were up 4.27% at 53.7p.