Empire Metals Limited GBP3m Placing to Expand Exploration at Pitfield (4332N)
September 25 2023 - 2:00AM
UK Regulatory
TIDMEEE
RNS Number : 4332N
Empire Metals Limited
25 September 2023
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
25 September 2023
Empire Metals Limited
("Empire " or "the Company")
Placing to Raise GBP 3 million to Expand and Accelerate
Exploration at the Company's Pitfield Project, Commencement of
Drilling & Investor Presentation
Empire Metals Limited is pleased to announce that it has raised
GBP3 million before expenses by way of a significantly
oversubscribed placing of 75,000,000 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 4 pence
per Placing Share (the 'Placing').
The net proceeds of the Placing will be primarily used to allow
the Company to expand the planned Phase 1 Reverse Circulation
('RC') drill programme, currently scheduled for later this year,
following on from the 1,500 metre Diamond Core programme which
commenced on 21 September. As announced 13 September 2023, this
Phase 1 RC programme will involve a significant drilling campaign,
which will be carried out along the length of the high-density
gravity core and, in particular, focusing on the very dense zones
that have now been identified within the magnetics anomaly. The
objective of this drill programme is to not only confirm the scale
of this giant, titanium-enriched mineral system but to also
understand the distribution of key factors better, such as grade,
mineralogy, thickness and extent of mineralised beds and controls
on high-grade TiO(2) mineralisation. Following this successful
Placing, a second phase of RC drilling will now be planned to
commence in early 2024, expanding on the targets already included
in Phase 1. These additional funds will also allow the Company to
commence mineralogical and metallurgical studies which will provide
further information on the most economic route to processing.
Shaun Bunn, Managing Director, said: "We have received
exceptional results from our exploration efforts at Pitfield to
date, and today's fundraising will ensure that we can continue to
push ahead, unimpeded, to a point where we can begin to establish
the potential value of this giant, titanium-enriched mineral
system. We have received significant support from existing and new
investors in this oversubscribed Placing, a sign, I believe, that
the market is beginning to grasp the potential global significance
of our discovery at Pitfield. I would like to thank our
shareholders, both new and old, and I look forward to reporting on
the drilling now underway at Pitfield over the coming weeks."
Application for Admission and Total Voting Rights
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 28
September 2023. As a result of the issue of the Placing Shares as
described above, the issued share capital of the Company now
consists of 567,364,368 ordinary shares of no-par value.
Investor Presentation
An updated corporate presentation is available for download from
the Company's website.
Warrants
The Company has agreed to issue warrants over a total of
1,406,875 ordinary shares in the Company exercisable at 6p per
share for a period of two years from date of grant to SP Angel
Corporate Finance LLP (Nominated Adviser and Joint Broker) and
Shard Capital Partners LLP (Joint Broker).
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, as incorporated into UK law by the
European Union (Withdrawal) Act 2018, until the release of this
announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
Empire Metals Ltd
Shaun Bunn / Greg Kuenzel Tel: 020 4583 1440
S. P. Angel Corporate Finance LLP Tel: 020 3470 0470
(Nomad & Broker)
Ewan Leggat / Adam Cowl
---------------------
Shard Capital Partners LLP (Joint Tel: 020 7186 9950
Broker)
Damon Heath
---------------------
St Brides Partners Ltd (Financial Tel: 020 7236 1177
PR)
Susie Geliher / Ana Ribeiro
---------------------
About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and
resource development company with a project portfolio comprising
copper, titanium and gold interests in Australia and Austria.
The Company's strategy is to develop a pipeline of projects at
different stages in the development curve. Its current focus is on
the Pitfield Project in Western Australia, which has demonstrated
to contain a newly recognized giant mineral system that hosts a
globally significant titanium discovery. The Company is also
advancing the Eclipse-Gindalbie Project in Western Australia, which
is prospective for high-grade gold and also kaolin used to produce
high-purity alumina, an essential component in lithium-ion
batteries.
The Company also has two further exploration projects in
Australia; the Walton Project in Western Australia, and the Stavely
Project in the Stavely Arc region of Victoria, in addition to three
precious metals projects located in a historically high-grade gold
producing region of Austria.
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
MSCNKBBPOBKDCCB
(END) Dow Jones Newswires
September 25, 2023 02:00 ET (06:00 GMT)
Empire Metals (AQSE:EEE.GB)
Historical Stock Chart
From Dec 2024 to Jan 2025
Empire Metals (AQSE:EEE.GB)
Historical Stock Chart
From Jan 2024 to Jan 2025
