Phoenix Metals Company (PCA-TSX) It has closed a previously announced large initial public offering of 34 million Class A common shares at a price of $1.25 per share, raising gross proceeds of $42.5 million.
Pheonix is a Canadian exploration company focused on the exploration and development of gold and copper deposits in south-central British Columbia. The company’s flagship asset is the Greenwood development, which consists of the Lexington, Golden Crown, Blue Bell, Phoenix, Tam O’Shanter, Boundary Falls and Haas Creek properties located between the towns of Greenwood and Grand Forks. The project covers 156 active mineral claims, four mining leases and 211 Crown-grant parcels.
In connection with the offering, the Company granted the underwriters an over-allotment option to purchase up to an additional 5.1 million common shares at the offering price. This option may be exercised in whole or in part at any time for up to 30 days after closing. However, the company said in a press release that the over-allotment option is still not implemented. If fully executed, the offering would raise total gross proceeds of $48.87 million.
The company said that certain insiders subscribed for 3.15 million common shares under the offering, which constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Securities Holders in Private Transactions.
In a press release dated May 20, 2026, the company said it had appointed Nicholas Campbell as CEO effective immediately. He succeeds Jeff Stibard, who previously served as interim CEO and will remain on the board.
Campbell joins Pheonix after serving as CEO at Mayfair Gold Company (Creative people-TSXV, royal-NYSE), where he is credited with leaving the Mayfair assets in an excellent position for further development.
Campbell has over 20 years of experience in the mining, metals and metals industry. Prior to joining Pheonix, he was Vice President of Capital Markets at Pheonix Artemis Gold Company (ARTG-TSXV, ARGTF-OTCQX). He also served as Vice President of Business Development at SilverCrest Metals Inc., the company it acquired Core Mining Company (CDE-NYSE) in February 2025.
“In his time at Mayfair, Nick has demonstrated the ability to build a team and create a clear path forward for a complex project,” said Pheonix Chairman Chris Loder. “This is the energy and strategic mindset we were looking for to lead Pheonix.”
“I am joining Pheonix Metals Corp. at a very exciting time,” Campbell said. “I recognize the potential this project holds, and I look forward to joining the fit-for-purpose team of explorers, builders and operators that Pheonix has assembled.” “Pheonix is one of the best projects I have seen, and I look forward to working with Chris, Jeff and the entire team to unlock the value of this asset.”
