REG - Empire Metals Ltd - Oversubscribed Placing to Raise £2.5 million

Empire MetalsAnnouncement

30/09/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240930:nRSd1611Ga&default-theme=true

RNS Number : 1611G  Empire Metals Limited  30 September 2024

 

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

 

30 September 2024

Empire Metals Limited

('Empire' or the 'Company')

 

Oversubscribed Placing to Raise £2.5 million to Accelerate Work Focused on
Zone of Recently Discovered High-Purity Near-Surface Anatase

 

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and
development company, is pleased to announce that is has raised £2.5 million
before expenses by way of a placing of 35,714,286 new ordinary shares of no
par value in the capital of the Company at 7p (the 'Placing Shares') to new
and existing shareholders (the 'Placing').

 

Shaun Bunn, Managing Director, said: "We have achieved exceptional results
from our exploration and process development efforts at Pitfield to date, and
this fundraising will ensure that we can continue to push ahead, expand our
metallurgical testwork and research activities and continue to fast track the
resource drilling required to provide a maiden Mineral Resource Estimate. We
have received significant support from existing and new investors in this
placing, a sure sign that the market is beginning to see the global
significance of our discovery at Pitfield.

 

"The recent discovery of a new anatase enriched deposit (announced 22 August
2024), located within the weathered "saprolite" cap covering the extent of the
giant, 40km long mineral system, has shifted the focus of our development
studies to this weathered cap. The results of our preliminary technical
studies show that the anatase, a variant of rutile, is of high purity and
provides the Company with an excellent opportunity to produce a strategic
feedstock for the titanium chloride pigment and titanium metal markets.

 

"With the addition of these new funds to our already healthy cash balance
(refer Interim Accounts RNS dated 18 September 2024), our cash at bank now
stands at circa £4.8 million putting the Company in a very strong financial
position."

 

Use of Funds

The net proceeds of the Placing will be primarily used to allow the Company to
expand on the existing work programme including resource drilling,
mineralogical and metallurgical studies and environmental baseline studies. In
addition, and as a result of the recent high-purity anatase discovery within
the near-surface weathered cap, the Company will scale up and accelerate the
metallurgical and mineralogical studies focussed on this anatase-rich zone
which is has the potential to respond well to straight forward beneficiation
steps and produce a high-quality TiO(2) concentrate suitable for further
upgrading to a high-value commercial end product.

 

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 4 October 2024.  As a result of the issue of
the Placing Shares as described above, the issued share capital of the Company
now consists of 634,564,810 ordinary shares of no-par value.

 

Warrants

The Company has agreed to issue warrants over a total of 689,988 ordinary
shares in the Company exercisable at 10.50 pence per share for a period of two
years from date of grant to 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.com
(http://www.empiremetals.comuk)   or contact:

 Empire Metals Ltd

 Shaun Bunn / Greg Kuenzel / Arabella Burwell                                            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 / Charlotte Page

 

About Empire Metals Limited

Empire Metals is an AIM-listed exploration and resource development company
(LON: EEE) with a primary focus on developing Pitfield, an emerging giant
titanium project in Western Australia.

 

Exploration activity at Pitfield has confirmed the discovery of a new giant
mineralised system extending over 40km by 8km by 5km deep. Drilling campaigns
have confirmed high-grade TiO₂ mineralised zones across thick bedded
intervals to a vertical depth of ~350m, confirming Pitfield as a world class,
district-scale titanium mineral system.

 

Empire is now accelerating the economic development of Pitfield, with the
objective of becoming a leading producer of high value titanium dioxide
products.

 

The Company also has two further exploration projects in Australia; the
Eclipse Project and the Walton Project in Western Australia, in addition to
three precious metals projects located in a historically high-grade gold
producing region of Austria.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEQKCBDKBKBACB