Shares in Phoenix Copper Ltd (AIM

XC, OTCQX

XCLF) surged 46% after the company signed a letter of intent with a US-based investor for a proposed $75 million bond placement to support its growth ambitions in the American mining sector. The deal would see the investor subscribe for secured, floating-rate copper bonds yielding at least 8.5% and maturing between 2029 and 2033.