04:49 PM EDT, 05/17/2024 (MT Newswires) -- ExGen Resources ( BXXRF ) Friday provided an update on Phoenix Copper's exploration and development activities at the Empire Mine Project in Idaho.

ExGen owns 20% and Phoenix owns 80% of Konnex Resources, which holds the leases and claims to the Empire Mine Project, including all of the Navarre Creek claim block. ExGen further owns 1.33 million common shares of Phoenix.

On May 15, Phoenix said its corporate copper bond issue is fully subscribed for a principal value of US$80 million. Phoenix has entered into a subscription agreement with NIU Invest SE, a European private equity investment company, pursuant to which the Bonds Investor has subscribed for US$80 million of Bonds, subject to certain conditions being met. The Bonds will be drawn down in tranches in accordance with a drawdown schedule in order to fully fund the construction of the company's Empire Open-Pit Mine in Idaho for the production of copper, gold and silver, and for general working capital.