Phoenix Copper Ltd - Base and precious metals explorer in the US state of Idaho - Extends initial term of short-term $2.0 million three-month loan facility, first announced in late March before being extended in June by three months and November by two weeks to Friday last week, to a new expiry date of January 2. Says it has requested this to allow further time to conclude ongoing discussions with various investors regarding its proposed corporate copper bond issue. Says: ‘Although there can be no certainty until the bonds have been issued and settled, the company confirms that these discussions are at an advanced stage and the directors remain confident that the bond issue will close, thus allowing the company to have access to the relevant construction funding when required.’ Also notes that while the loan facility can be extended until March 31, the unnamed lender is not entitled to convert principal or other amounts into Phoenix Copper shares while the loan remains within the initial term.
Current stock price: 23.85 pence, down 0.6%
12-month change: up 1.5%
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