Empire Metals Limited Placing to Acquire 75% of Eclipse Gold Project (3611G)
November 24 2020 - 8:26AM
UK Regulatory
TIDMEEE
RNS Number : 3611G
Empire Metals Limited
24 November 2020
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
24 November 2020
Empire Metals Limited ('Empire' or the 'Company')
Placing to Raise GBP2M to Exercise Option to Acquire 75% of the
High-Grade Eclipse Gold Project, Update on Sale of Georgian
Projects
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to announce that it has raised
GBP2,000,000 before expenses by way of an oversubscribed placing of
61,538,462 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 3.25 pence per Placing
Share (the 'Placing').
The net proceeds of the Placing will be primarily used to
exercise the Company's option to acquire a 75% interest in the
high-grade Eclipse Gold Mining Licence in Western Australia (the
'Project'), to complete the work programme that has commenced at
the Project, 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, "The support that we have received
from new and existing shareholders in completing this placing is an
endorsement of our confidence in the potential for significant
high-grade gold resource development at the Eclipse Gold Project.
The results achieved to date from Eclipse have been very
encouraging, with the latest set confirming that the mineralisation
remains open at depth and along strike, with high-grade drill
results along strike of existing historical workings confirming an
extension to the main high-grade lode.
"With Eclipse, we are operating in what is generally considered
the highest ranked mining jurisdiction globally and are developing
this project in a region which already hosts numerous world-class
gold mines and development assets. I am enthusiastic about our
opportunity to develop a new standalone gold mine at Eclipse and I
look forward to providing further updates as we continue to
interpret the data."
Sale of Bolnisi Copper and Gold Project
As announced on 11 November 2020, 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'). CMG have indicated a
potential interest in exercising the ROFR, however, the Company is
in the process of clarifying a number of aspects related to a
possible transaction with CMG and will provide further updates in
due course.
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 has been 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 27
November 2020. As a result of the issue of the Placing Shares as
described above, the issued share capital of the Company now
consists of 314,683,361 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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEFEEFDLESSEEF
(END) Dow Jones Newswires
November 24, 2020 08:26 ET (13:26 GMT)
Empire Metals (AQSE:EEE.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Empire Metals (AQSE:EEE.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024