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Phoenix raises funds for Empire

Shares in Phoenix Copper fell 10% on Friday morning after the junior announced a £16.4 million raising in bid to finance the development of its Empire mine in Idaho, ahead of a larger funding deal.

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Phoenix Copper fell 10% after it unveiled a £16.4 million raising

The North America-focused producer company raised £12.3 million in a placing at 35p as well as a direct subscription worth £4.15 million, the company said on Friday.