US-focused Phoenix Copper has successfully raised $80-million in a corporate bond issue to fund the construction of the Empire openpit mine, in Idaho.
The bonds will be drawn down in tranches, with the first scheduled drawdown of $5-million set for May 31.
Aim-listed Phoenix owns 80% of Empire mine project, and TSX-V-listed ExGen holds the balance.
ExGen CEO Jason Riley commented in a statement that the bond issue was a transformational milestone for the Empire project. “We congratulate the entire Phoenix team for their diligence and perseverance in this monumental effort. We look forward to the coming prefeasibility study and progressing towards construction and potential cash flow visibility.”
ExGen, formerly Boxxer Gold, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements.