Evolution is offering $0.06 cash and 0.06 Evolution shares for each Phoenix share, and currently have a relevant interest in Phoenix of 41.37% - as at 30 October 2015.
Phoenix said the majority of Evolution's increased ownership is believed to have come about as a result of acceptances by Geologic Resources Partners and Zijin Mining Group Co., Ltd.
The companies collectively represent just over 18% of total shares on issue.
Phoenix added that the acceptances by these two shareholders is unsurprising, given Geologic's previous pre-bid agreement with Zijin in relation to its expired unsolicited takeover offer, and has now removed any uncertainty regarding their intentions.
Phoenix shares last traded at $0.145, and recently the company hit a 12-month high of $0.16.
The company has an extensive land holding on the Zuleika and Kunanalling shear zones northwest of Kalgoorlie in Western Australia, home to some of Australia's richest gold deposits.
Phoenix has total resources of over 4 million ounces.
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