Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) has announced the successful completion of its US$2 million short-term loan facility refinancing, potentially expanding the new facility up to US$10 million.
The new facility, with Riverfort Global, treats the prior $2 million facility as ‘the first drawdown’ – which will be convertible into new shares at a price of 20p each, some 70% above today's share price – and any future further drawdowns will be contingent on Phoenix first receiving some $25 million under a separate proposed corporate copper bond financing.
“I would like to thank Riverfort Global for their ongoing support of the company, and particularly the flexibility they have allowed us over the last 12 months,” chief financial offer Richard Wilkins said in a statement.
“We now look forward to closing our corporate copper bond issue as soon as possible."