ExGen's Phoenix Copper suspends chairman, CFO

Executive Summary

• ExGen Resources announced a non‑brokered private placement of units at C$0.20 per unit, targeting up to C$200,000 in gross proceeds to fund the Telegraph porphyry copper‑gold project.
• The company also granted an aggregate of 4 million stock options to directors, officers, employees and consultants, with a C$0.14 exercise price and varied vesting schedules.
• An operational update was provided on Phoenix Copper Ltd.’s Empire copper project in Idaho, where ExGen holds a 20% carried interest; Phoenix’s executive chairman and CFO were suspended, but work on the project continues.

Key Details

• Stock Option Grant: 4 million options issued under ExGen’s option plan at an exercise price of C$0.14 per share; all vested immediately except 250,000 options to a consultant (vested 25% quarterly over 12 months).
• Director/Officer Allocation: 500,000 of the granted options were allocated to ExGen directors and officers.
• Regulatory Exemptions: Options issued relying on MI 61‑101 exemptions and TSX Venture Exchange Policy 5.9 (no formal valuation or minority approval required).
• Private Placement Structure: Units priced at C$0.20 each, each unit consisting of one common share (flow‑through) plus ½ warrant; full warrant allows purchase of one additional common share at C$0.25 for 12 months post‑closing.
• Gross Proceeds Target: Up to C$200,000.
• Closing Timeline: Expected around March 15, 2026, subject to TSX Venture Exchange and regulatory approvals.
• Hold Period: Securities issued will be subject to a four‑month‑plus‑one‑day hold period from closing.
• Use of Proceeds: Funds earmarked to advance the Telegraph porphyry copper‑gold project in British Columbia’s Golden Triangle.
• No Finder Fees: The private placement will not involve any finders’ fees.
• Phoenix Update: Phoenix Copper Ltd., operator of the Empire project (Idaho), suspended its executive chairman and CFO on Feb 9; CEO indicated continued work on project advancement and strategic options. ExGen holds a 20% carried interest and owns 1.33 million Phoenix common shares.

Notable Quotes

• “Work relating to the advancement of the Empire project and broader strategic options continues.” – Phoenix CEO (Feb 10 release)