29th May 2018 10:14
LONDON (Alliance News) - Phoenix Global Mining Ltd on Tuesday said it raised GBP3.0 million via placing and subscription of 85.7 million shares at a price of 3.5 pence each to invest in Empire Mine located in the US state of Idaho.
Shares in Phoenix Global Mining were trading 11% lower at 3.42p each on Tuesday.
The precious metals exploration company intends to use funds to advance the open-pit project towards a bankable feasibility study of the Empire mine. The decision follows positive results from the company's preliminary economic assessment completed in April.
Phoenix Global Mining said it has already started drilling campaign involving one reverse circulation drill and one diamond drill. Two additional reverse circulation drills and one additional diamond drill are scheduled to start work in June, it added.
Moreover, the company said it plans to undertake further metallurgical testwork, process and mine designs, infrastructure designs and environmental studies over the course of the coming months.
"I am pleased to report on the successful completion of our oversubscribed fundraising," said Chief Executive Dennis Thomas. "Our bankable feasibility study programme at the Empire Mine open pit is already underway and this financing puts the company in a strong position."