Pheonix Metals completes $42.5 million IPO
Pheonix Metals Corp. [PCA-TSX] said it has closed a previously announced, upsized initial public offering of 34 million Class A common shares priced at $1.25 per share, raising total proceeds of $42.5 million.
Pheonix is a Canadian exploration company with a focus on exploration and development of gold-copper deposits in south-central British Columbia. The company’s principal asset is the Greenwood Project, consisting of the Lexington, Golden Crown, Blue Bell, Pheonix, Tam O’Shanter, and Boundary Falls and Hass Creek properties located between the towns of Greenwood and Grand Forks. The project covers 156 active mineral claims, four mining leases and 211 Crown Granted 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. That option can be exercised in whole or in part at any time up to 30 days after closing. However, in a press release the company said the over-allotment option remains unexercised. If it is exercised in full, the offering would raise aggregate gross proceeds of $48.87 million.
The company said certain insiders subscribed for 3.15 million common shares under the offering, which constituted a “related party transaction” within the meaning the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
In a press release on May 20, 2026, the company said it had appointed Nicholas Campbell as CEO effective immediately. He succeeded Jeff Stibbard, who previously served as interim CEO and will remain on the board of directors.
Campbell joined Pheonix following his role as CEO at Mayfair Gold Corp. [MFG-TSXV, MINE-NYSE], where he is credited with leaving Mayfair assets in an excellent position for continued development.
Campbell has more than 20 years of experience in the mining, minerals and metals industry. Prior to joining Pheonix, he was vice-president, capital markets at Artemis Gold Inc. [ARTG-TSXV, ARGTF-OTCQX]. He also served as vice-president, business development at SilverCrest Metals Inc., a company that was acquired by Coeur Mining Inc. [CDE-NYSE] in February, 2025.
“In his time at Mayfair, Nick demonstrated the ability to build a team and create a clear path forward for a complex project,’’ said Pheonix Chairman Chris Lodder. “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,’’ said Campbell. “I recognize the potential this project holds, and I am looking forward to joining a fit-for-purpose team of explorers, builders and operators that Pheonix has assembled,’’ he said. “Pheonix is one of the best projects that I have seen, period, and I look forward to working with Chris, Jeff and the entire team to unlock the value of these assets.’’