Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) said it is engaging a syndicate of US broker-dealers to work with its existing brokers and advisers to carry out a placement of non-dilutive loan notes to fund the development of its Empire open pit copper mine in Idaho, USA.
The AIM quoted base and precious metals explorer said it expects to raise a minimum of US$60mln from issuing loan notes to institutional and other investors.
There can be no certainty that the proposed fundraise will proceed, it noted.