Empire Metals Limited, an AIM-quoted resource exploration and development company, has successfully raised £3 million through a placing of new ordinary shares. The strategic investor, TransOceanic Minerals from Saudi Arabia, has led this placing, signifying a significant milestone for the company. The funds raised will primarily be used to expand drilling activities and undertake mineralogical and metallurgical studies for the Pitfield Titanium Project in Western Australia.
The Managing Director, Shaun Bunn, expressed his enthusiasm about the strategic partnership, stating, "This is an important milestone for the Company as this strategic partnership not only recognizes the global significance of our Pitfield project but with the ongoing support of TransOceanic Minerals and potential future partnerships in Saudi Arabia, the Company will have the capacity to expand project development and accelerate value creation for all shareholders."
The net proceeds from the placing will be utilized to expand the Reverse Circulation ('RC') drilling and undertake additional Diamond Core drilling for petrology, mineralogical, and metallurgical studies. Additionally, the funds will be allocated to mineralogical and metallurgical studies and process design work, focusing on the beneficiation and recovery of a high-value TiO2 product, with plans to move to the design phase for a test plant in 2025.
The Placing Shares will rank pari passu with the existing ordinary shares, and the company has applied for their admission to trading on AIM. The issued share capital of the Company now consists of 598,850,524 ordinary shares of no-par value. Additionally, the company has agreed to issue warrants over a total of 224,886 ordinary shares in relation to the placing.
Empire Metals Limited is an AIM-listed exploration and resource development company with a project portfolio comprising copper, titanium, and gold interests in Australia and Austria. The company's current focus is on the Pitfield Project in Western Australia, which has demonstrated a newly recognized giant mineral system hosting 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 kaolin used to produce high-purity alumina, an essential component in lithium-ion batteries.