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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData

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Phoenix Copper Corp Closes $545,750 First Tranche-Canada Stockwatch News

Friday, 9 Nov 2012 12:00pm EST 

Canada Stockwatch News reported that Phoenix Copper Corp. has received TSX Venture Exchange approval for the closing of the first tranche of its non-brokered private placement, previously announced. 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 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 four-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. 

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