REG - Empire Metals Ltd - £3m Placing to Expand Exploration at Pitfield

Empire MetalsAnnouncement

25/09/2023 07:00

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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 £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 £3 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
(http://www.empiremetals.co.uk)   or contact:

 Empire Metals Ltd

 Shaun Bunn / Greg Kuenzel                                                               Tel: 020 4583 1440
 S. P. Angel Corporate Finance LLP (Nomad & Broker)                                      Tel: 020 3470 0470

 Ewan Leggat / Adam Cowl
 Shard Capital Partners LLP (Joint Broker)                                               Tel: 020 7186 9950

 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.

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