Empire Metals Limited Saudi Strategic Investor Led Placing to Raise GBP3m (3719A)
22 January 2024 - 6:00PM
UK Regulatory
TIDMEEE
RNS Number : 3719A
Empire Metals Limited
22 January 2024
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
22 January 2024
Empire Metals Limited
('Empire ' or the 'Company')
Saudi Strategic Investor Led Placing to Raise GBP3 million to
Advance Development of Pitfield Titanium Project
E mpire Metals Limited (LON: EEE), the AIM-quoted resource
exploration and development company, is pleased to announce that is
has raised GBP3 million before expenses by way of a placing of
27,272,728 new ordinary shares of no par value in the capital of
the Company at 11p (the 'Placing Shares') to a strategic investor
in Saudi Arabia and existing shareholders (the 'Placing').
Shaun Bunn, Managing Director, said: "We are extremely pleased
to welcome TransOceanic Minerals, a group focused on investments in
the natural resource sector as a shareholder of the Company. The
principal, Mr Fahad Al-Tamimi has also led some of the largest
engineering and construction projects in the natural resource
sector in Saudi Arabia. This is an important milestone for the
Company as this strategic partnership not only recognises the
global significance of our Pitfield project but with the on-going
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. We also thank our existing shareholders for their
continued support as we now add to our on-going exploration efforts
a significant work stream of mineralogical studies and
metallurgical test work and design which will move the project the
next critical step towards mine development."
The net proceeds of the Placing will be primarily used to allow
the Company to continue to expand the Reverse Circulation ('RC')
drilling and to undertake additional Diamond Core drilling for
petrology, mineralogical and metallurgical studies. These
programmes will be in addition to the current RC drill programme,
the final results from the first phase being announced shortly with
the second, already funded, phase expected to commence in February.
The new funds will also be used to expand mineralogical and
metallurgical studies and process design work that will focus on
the beneficiation and recovery of a high-value TiO(2) product with
a view to moving to the design phase for a test plant in 2025.
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 26
January 2024. As a result of the issue of the Placing Shares as
described above, the issued share capital of the Company now
consists of 598,850,524 ordinary shares of no-par value.
Warrants
The Company has agreed to issue warrants over a total of 224,886
ordinary shares in the Company exercisable at 11p per share for a
period of two years from date of grant in relation to the
Placing.
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 / Kasia
Brzozowska
---------------------
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 recognised 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.
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.
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END
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