Empire Metals Limited Result of General Meeting (0290F)
November 11 2020 - 10:30AM
UK Regulatory
TIDMEEE
RNS Number : 0290F
Empire Metals Limited
11 November 2020
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
11 November 2020
Empire Metals Limited ('Empire' or the 'Company')
Result of General Meeting
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to announce that the resolution
approving the sale of the Company's wholly-owned subsidiary GMC
Investments Limited ('GMCIL'), to Candelaria Mining Corporation
(TSXV: CAND), was duly passed.
As announced on 26 October 2020, Empire has concluded a
definitive and binding Sale and Purchase Agreement (subject to
certain conditions) for the sale of the GMCIL, to Candelaria Mining
Corporation, for an all-equity total consideration of 7 million
Canadian dollars ('CAD'), with an initial payment of CAD 2 million
(the 'Initial Consideration') plus additional payments subject to
certain milestones being achieved in Georgia. GMCIL is the owner of
a 50% interest in JSC Georgian Copper and Gold which in turn holds
the rights to copper-gold projects under a 30-year mining
concession in Georgia.
The final condition for closing of the transaction is the
waiving of a right-of-first-refusal ('ROFR') in favour of Empire's
Georgian partners, Caucasian Mining Group ("CMG"), which must be
exercised within 20 business days from Empire submitting an offer.
The final date for this ROFR to be exercised is 23 November
2020.
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.
**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
Adam Cowl 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' primary focus is on the Eclipse Gold Project in
Western Australia which produced 954 tonnes @ 24.6 g/t Au for
754.25 oz Au from the Eclipse shaft which operated up to 1910. In
addition to the known mineralisation at and surrounding the Eclipse
old workings, recent geophysics and geochemistry work has
highlighted further potential mineralisation at two additional
targets north-west of Eclipse, the Houdini and Easy prospects.
The Company also has a 50% joint venture in Georgia which covers
an area of over 860 sq km and has a 30-year mining licence. The
joint venture covers 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 Board continues to evaluate opportunities through which to
realise the value of its wider portfolio and reviews further assets
which meet the Company's investment criteria.
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END
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