Empire Metals Limited has successfully raised £3 million through a significantly oversubscribed placing of 75,000,000 new ordinary shares. The net proceeds from the placing will be primarily used to expand the planned Phase 1 Reverse Circulation (RC) drill program at the Pitfield Project. The Phase 1 RC program aims to confirm the scale of the titanium-enriched mineral system and understand key factors such as grade, mineralogy, thickness, and extent of mineralized beds. The additional funds will also allow the company to commence mineralogical and metallurgical studies to determine the most economic route to processing. A second phase of RC drilling is planned for early 2024. Shaun Bunn, Managing Director, expressed gratitude for the support from existing and new investors and looks forward to reporting on the drilling at Pitfield in the coming weeks.
The Placing Shares will rank pari passu with the existing ordinary shares and application has been made for their admission to trading on AIM. The admission is expected to become effective on or around September 28, 2023. Following the issue of the Placing Shares, the company's issued share capital now consists of 567,364,368 ordinary shares.
The company has also agreed to issue warrants over a total of 1,406,875 ordinary shares to SP Angel Corporate Finance LLP and Shard Capital Partners LLP. These warrants are exercisable at 6p per share for a period of two years from the date of grant.
The news release also mentions that an updated corporate presentation is available for download from the company's website.
Empire Metals Limited is an AIM-listed exploration and resource development company with projects in Australia and Austria. Its current focus is on the Pitfield Project in Western Australia, which has demonstrated a globally significant titanium discovery. The company is also advancing the Eclipse-Gindalbie Project, which is prospective for high-grade gold and kaolin used in the production of high-purity alumina.