Placing & Subscription to Raise £600,000

RNS Number : 4214E

Empire Metals Limited

28 February 2020

 

Empire Metals Limited / AIM: EEE / Sector: Natural Resources

28 February 2020

Empire Metals Limited ('Empire Metals' or the 'Company')

Placing & Subscription to Raise £600,000

Empire Metals is pleased to announce that it has raised £600,000 by way of a placing and subscription of 60,000,000 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 1 pence per Placing Share (the 'Placing').

The net proceeds of the Placing will be primarily used to maintain activities in Georgia following the  recent confirmation of tenure over two of the Company's priority assets, in addition to identifying compelling new assets through which the Company can add short term value, as well as for general working capital purposes.

Mike Struthers, CEO, said : "The support from new and existing investors through today's Placing will enable Empire Metals to advance its evaluation of high quality and complementary new exploration and development opportunities whilst simultaneously providing the funds required to unlock further value in our Bolnisi Copper and Gold Joint Venture.  We are now well positioned to deliver on our strategy of expanding and diversifying our project portfolio and I look forward to providing further updates to shareholders 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 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 5 March 2020.

As a result of the issue of the Placing Shares as described above, the issued share capital of the Company now consists of 193,756,991 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.

**ENDS**

For further information please visit www.empiremetals.co.uk  or contact:

Mike Struthers	Empire Metals Ltd	Company	Tel: [phone]
Ewan Leggat	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: [phone]
Soltan Tagiev	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: [phone]
Damon Heath	Shard Capital Partners LLP	Joint Broker	Tel: [phone]
Susie Geliher	St Brides Partners Ltd	PR	Tel: [phone]

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.

 

END

 

 

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