|November 09, 2012|
1st Tranche of Financing Closes
|Vancouver, B.C.: Phoenix Copper Corporation ("Phoenix" or the "Company") (TSX-V Symbol: PHC) the Company is pleased to announce that it has received TSX- Venture Exchange (the "Exchange") approval for the closing of the first tranche of its non-brokered private placement, previously announced October 22, 2012.|
Under the closing of the first tranche, the Company will issue 10,915,000 units at a price of five cents per unit for gross proceeds of $545,750. Each unit will consist of one common share and one share purchase warrant (the "Unit") with each warrant entitling the holder to acquire one additional common share at a price of 15 cents per share for the first year and 20 cents for the second year from closing. The Units are subject to a 4 month hold period. The unit warrants are subject to the right of the Company to accelerate the exercise period for the unit warrants if the common shares of the Company trade above 25 cents for a period of 10 consecutive trading days.
The proceeds of the private placement will be used for the work program at the Company's Mine Canyon project as well as for general working capital purposes. The Company has paid a total of $10,066 in finders' fees on the private placement proceeds to certain parties in accordance with the policies of and subject to the approval of the TSX Venture Exchange.
The Company further announces that, subject to regulatory approval, it has granted
2,650,000 incentive stock options to a director and consultants of the Company. These options will be exercisable at $0.10 for a period of five (5) years from the date of granting.
On behalf of the Board of Directors of
Phoenix Copper Corporation
Brian Leeners, CEO & Director
For further information please contact the Company
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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