REG - Empire Metals Ltd - Placing to Raise £1.25M to Accelerate Exploration

Empire MetalsAnnouncement

13/03/2023 11:30

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RNS Number : 7694S  Empire Metals Limited  13 March 2023

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

13 March 2023

Empire Metals Limited

("Empire" or "the Company")

 

Placing to Raise £1.25M to Accelerate Exploration at the Company's Pitfield
Project

& Investor Presentation

 

Empire Metals Limited is pleased to announce that it has raised £1.25 million
before expenses by way of a placing of 55,555,554 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 2.25 pence per Placing
Share (the 'Placing').

 

The net proceeds of the Placing will be primarily used to allow the Company to
more rapidly advance the Company's exploration plans at the Pitfield Copper
Project in Western Australia ('Pitfield'), which has demonstrated strong
potential to be a new "Giant" copper province.  These funds will be used to
expand the set of drill-ready targets that were developed as a result of the
geochemical and geophysical programmes now completed at Pitfield. Empire is
now fully funded for an expanded maiden drilling campaign at Pitfield to
evaluate the economic potential of sediment-hosted stratabound copper (SSC)
targets defined by the work completed to date.

 

Mr Shaun Bunn (Managing Director) and Mr Gregory Kuenzel (Finance Director)
have each subscribed for 1,111,111 Placing Shares. Dr Neil O'Brien
(Non-Executive Chairman) has subscribed for 444,444 Placing Shares. Following
this purchase, Mr Bunn's total beneficial ownership interest in the Company is
2,111,111 ordinary shares of no par value in the capital of the Company
('Ordinary Shares'), representing 0.44% of the Company's issued share capital,
Dr O'Brien's total beneficial ownership interest in the Company is 2,094,444
Ordinary Shares , representing 0.43% of the Company's issued share capital,
and Mr Kuenzel's total beneficial ownership interest in the Company is
3,708,578 Ordinary Shares, representing 0.77% of the Company's issued share
capital.

 

Shaun Bunn, Managing Director, said: "We are delighted to have successfully
raised these new funds and with a high level of support from new and existing
shareholders which has been most welcome and gratifying particularly in these
current market conditions. With this raise the Company will prepare for a more
comprehensive and expanded exploration drilling programme at our emerging
"Giant" copper exploration project at Pitfield.

 

"The technical advances at Pitfield, and our understanding of the geology, has
grown rapidly over the past few months. We have successfully completed
airborne magnetic and electro-magnetic surveys, soil and rock sampling,
geochemical and geological surface mapping, and most recently surface
geophysical mapping using DD-IP all of which have confirmed Pitfield's
potential as a giant copper district. As a result, we have many drill-ready
targets and we are very excited to commence our maiden reconnaissance drilling
programme at Pitfield in the coming weeks."

 

Application for Admission

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 17 March 2023.  As a result of the issue of the
Placing Shares as described above, the issued share capital of the Company now
consists of 482,879,172 ordinary shares of no-par value.

 

Investor Presentation

The Company can also confirm that it will provide a live presentation on 16
March 2023 at 11:00 am GMT.  The presentation will provide additional
information on the Pitfield Project, in addition to details on Empire's new
kaolin discovery at its Eclipse-Gindalbie Project.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard up until
9am the day before the meeting or at any time during the live presentation.

 

Investors can sign up to Investor Meet Company for free and add to meet EMPIRE
METALS LIMITED via:

 

https://www.investormeetcompany.com/empire-metals-limited/register-investor
(https://www.investormeetcompany.com/empire-metals-limited/register-investor)
 

 

Investors who already follow EMPIRE METALS LIMITED on the Investor Meet
Company platform will automatically be invited.

 

Warrants

The Company has agreed to issue warrants over a total of 773,333 ordinary
shares in the Company exercisable at 3.375p 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.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Shaun Bunn
 2.            Reason for the notification
 a)            Position/status:                                              Managing Director
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         Empire Metals Limited
 b)            LEI:                                                          2138002IOR7OCZZPB279
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Ordinary shares of no par value

               Identification code:                                           VGG9688A1003
 b)            Nature of the transaction:                                    Placing of options over ordinary shares
 c)            Price(s) and volume(s):

    Price(s)    Volume(s)
                                                                               2.25 pence  1,111,111

 

 d)            Aggregated information:                                       Single transactions as in 4 c) above

    Price(s)    Volume(s)
               Aggregated volume:                                              2.25 pence  1,111,111

               Price:
 

 e)            Date of the transaction:                                      2023-03-13

                                                                             09:00 hrs UTC
 f)            Place of the transaction:                                     Outside a trading venue

 

 

d)

Aggregated information:

Aggregated volume:

Price:

 

Single transactions as in 4 c) above

     Price(s)    Volume(s)
     2.25 pence  1,111,111

 

e)

Date of the transaction:

2023-03-13

09:00 hrs UTC

f)

Place of the transaction:

Outside a trading venue

 

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Neil O'Brien
 2.            Reason for the notification
 a)            Position/status:                                              Non-Executive Chairman
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         Empire Metals Limited
 b)            LEI:                                                          2138002IOR7OCZZPB279
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Ordinary shares of no par value

               Identification code:                                           VGG9688A1003
 b)            Nature of the transaction:                                    Placing of options over ordinary shares
 c)            Price(s) and volume(s):

    Price(s)    Volume(s)
                                                                               2.25 pence  444,444

 

 d)            Aggregated information:                                       Single transactions as in 4 c) above

    Price(s)    Volume(s)
               Aggregated volume:                                              2.25 pence  444,444

               Price:
 

 e)            Date of the transaction:                                      2023-03-13

                                                                             09:00 hrs UTC
 f)            Place of the transaction:                                     Outside a trading venue

 

 

d)

Aggregated information:

Aggregated volume:

Price:

 

Single transactions as in 4 c) above

     Price(s)    Volume(s)
     2.25 pence  444,444

 

e)

Date of the transaction:

2023-03-13

09:00 hrs UTC

f)

Place of the transaction:

Outside a trading venue

 

 

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Gregory Kuenzel
 2.            Reason for the notification
 a)            Position/status:                                              Finance Director
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         Empire Metals Limited
 b)            LEI:                                                          2138002IOR7OCZZPB279
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Ordinary shares of no par value

               Identification code:                                           VGG9688A1003
 b)            Nature of the transaction:                                    Placing of options over ordinary shares
 c)            Price(s) and volume(s):

    Price(s)    Volume(s)
                                                                               2.25 pence  1,111,111

 

 d)            Aggregated information:                                       Single transactions as in 4 c) above

    Price(s)    Volume(s)
               Aggregated volume:                                              2.25 pence  1,111,111

               Price:
 

 e)            Date of the transaction:                                      2023-03-13

                                                                             09:00 hrs UTC
 f)            Place of the transaction:                                     Outside a trading venue

 

 

d)

Aggregated information:

Aggregated volume:

Price:

 

Single transactions as in 4 c) above

     Price(s)    Volume(s)
     2.25 pence  1,111,111

 

e)

Date of the transaction:

2023-03-13

09:00 hrs UTC

f)

Place of the transaction:

Outside a trading venue

 

**ENDS**

 

For further information please visit www.empiremetals.co.uk
(http://www.empiremetals.co.uk)   or contact:

 Empire Metals Ltd                                                                       Tel: 020 7907 9327

 Shaun Bunn / Greg Kuenzel
 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 / Erik Woolgar
 St Brides Partners Ltd (Financial                                                       Tel: 020 7236 1177
 PR)

 Susie Geliher / Ana Ribeiro / Max Bennett

 

About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and resource development company with a project portfolio comprising 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 Copper Project in Western Australia, which has demonstrated strong potential to be a new "Giant" copper province.  The Company is also advancing the Eclipse-Gindalbie Project in Western Australia, which is prospective for high-grade gold and also kaolin, which is used extensively in a number of industries and is considered to be a desirable feedstock for the production of high-purity alumina - an essential component in lithium-ion batteries.
 
The Company also has two further exploration projects in Australia; the Walton Copper-Gold Project in Western Australia, and the Stavely Copper-Gold Project in the Stavely Arc region of Victoria, in addition to three precious metals projects located in a historically high-grade gold production region in central-southern Austria.

 

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