Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) has announced the initial term of its US$2 million (£1.6 million) short-term loan facility has been extended, sending shares in the firm higher on Monday morning.
The initial term of the facility will now run for a further two weeks until 8 December, the US-focused base and precious metals company updated.
This is “to allow sufficient time to conclude discussions with cornerstone investors regarding the company's corporate copper bond issue”, it said.
Phoenix had announced its board’s approval of the creation of US$300 million in corporate copper bonds in September.
This would be a prelude to the anticipated closing of an initial tranche to raise up to US$80 million, which would aid development and construction of the Empire open pit mine in Idaho, the company added at the time.
Phoenix said today that it reserves the right to further extend the loan facility to March next year.
Shares in the AIM-listed firm jumped 18.4% 27.24p.