Empire Metals Limited Placing and Subscription to Raise GBP1.25M (6623Y)
September 10 2020 - 10:30AM
UK Regulatory
TIDMEEE
RNS Number : 6623Y
Empire Metals Limited
10 September 2020
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
10 September 2020
Empire Metals Limited ('Empire' or the 'Company')
Placing and Subscription to Raise GBP1.25M
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to announce that it has raised
GBP1,250,000 before expenses by way of an oversubscribed placing of
50,000,000 new ordinary shares of no par value in the capital of
the Company (the 'Placing Shares'), with new and existing
shareholders in the Company, at a price of 2.5 pence per Placing
Share (the 'Placing').
The net proceeds of the Placing will be primarily used to
complete the work programme which has commenced at the Eclipse Gold
Project in Western Australia (over which the Company has an option
to purchase), to re-initiate operations in Georgia once the current
permit appeal processes with the government in Georgia are
concluded, and to continue the Company's efforts to identify and
secure additional compelling assets in which the Company can add
value in the short term, as well as for general working capital
purposes.
Please see the announcement of 12 August 2020 for further
details of the Eclipse Gold Project and the acquisition terms for
the project.
Mike Struthers, CEO, said, "We're pleased once again to secure
further support from our existing shareholders to enable the
Company to complete the work programme at the Eclipse Gold Project
in Australia, and to enable us to re-start field work on our two
leading projects in Georgia, once the current process is concluded
with the Georgian government. We're optimistic we can add
significant value to Eclipse in a relatively short time, and our
plans for adding further value and eventually starting production
at the KB East project in Georgia remain unchanged, once we can
overcome the excessive permitting delay with the government."
Application for Admission
The Placing Shares will rank pari passu in all respects with the
existing ordinary shares of no par value in the capital of the
Company. Application will be made to the London Stock Exchange for
the Placing Shares to be admitted to trading on AIM ('Admission').
It is expected that Admission will become effective on or around 16
September 2020. As a result of the issue of the Placing Shares as
described above, the issued share capital of the Company now
consists of 253,144,899 ordinary shares of no-par value.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this announcement.
In addition, market soundings (as defined in MAR) were taken in
respect of the matters contained in this announcement, with the
result that certain persons became aware of inside information (as
defined in MAR), as permitted by MAR. This inside information is
set out in this announcement. Therefore, those persons that
received inside information in a market sounding are no longer in
possession of such inside information relating to the company and
its securities.
**ENDS**
For further information please visit www.empiremetals.co.uk or
contact:
Mike Struthers Empire Metals Ltd Company Tel: 020 7907
9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Soltan Tagiev S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 020 7186
LLP 9950
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236
1177
Beth Melluish St Brides Partners Ltd PR Tel: 020 7236
1177
About Empire Metals Limited
Empire Metals Limited (formerly Georgian Mining Corporation) has
50% ownership of the Bolnisi Copper and Gold Project in Georgia,
situated on the prolific Tethyan Belt, a well-known geological
region and host to many high-grade copper-gold deposits and
producing mines. The Bolnisi concession covers an area of over 860
sq km and has a 30-year mining licence with a variety of targets
and projects ranging from greenfield exploration / target
definition phase through intermediate target-testing phases to more
advanced projects including Kvemo Bolnisi East which is due to
advance to Feasibility Study.
The Company is assessing the potential for expanding the
Company's portfolio through the addition of new assets, which have
the ability to add value in the short term.
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END
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