REG - Empire Metals Ltd - Placing to Raise £1.7M to Accelerate Exploration

Empire MetalsAnnouncement

28/04/2022 08:15

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RNS Number : 6774J  Empire Metals Limited  28 April 2022

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

28 April 2022

Empire Metals Limited ('Empire' or the 'Company')

Placing to Raise £1.7M to Accelerate Exploration at the Company's Eclipse and
Gindalbie Projects

 

Empire Metals Limited is pleased to announce that it has raised £1.7 million
before expenses by way of an oversubscribed placing of 85,000,000 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 2 pence per
Placing Share (the 'Placing').

 

The net proceeds of the Placing will be primarily used to to accelerate the
drill programmes initially scheduled for Q3 and Q4 at Eclipse and Gindalbie.
The Company will also undertake further drilling at the Homeward Bound target
at Gindalbie, where Empire's initial drill programme intercepted bonanza grade
gold (refer RNS 30 March 2022). Empire is now fully funded for the expanded
drilling campaigns targeting the high-grade discoveries at Eclipse and
Gindalbie and for further regional exploration activities across the recently
acquired copper-gold projects at Pitfield, Stavely and Walton.

 

Mr Shaun Bunn, Managing Director and Mr Gregory Kuenzel, Finance Director have
each subscribed for 1,000,000 Placing Shares. Following this purchase, Mr
Bunn's total beneficial ownership interest in the Company is 1,000,000
ordinary shares of no par value in the capital of the Company ('Ordinary
Shares') representing 0.23% of the Company's issued share capital and Mr
Kuenzel's total beneficial ownership interest in the Company is 2,597,467
Ordinary Shares representing 0.61% of the Company's issued share capital.

 

Shaun Bunn, Managing Director, said: "The support that we have received from
new and existing shareholders is an endorsement of our confidence in the
potential for significant high-grade gold resource development at our Eclipse
and Gindalbie Gold Projects. We look forward to updating the market on our
progress in due course."

 

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 4 May 2022.  As a result of the issue of the
Placing Shares as described above, the issued share capital of the Company now
consists of 427,323,618 ordinary shares of no-par value.

 

Warrants

The Company has agreed to issue warrants over a total of 1,600,000 ordinary
shares in the Company exercisable at 3p 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)
                                                                              2pence   1,000,000

 

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

 Price(s)  Volume(s)
               Aggregated volume:                                             2pence   1,000,000

               Price:
 

 e)            Date of the transaction:                                      2022-04-28

                                                                             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 pence   1,000,000

 

e)

Date of the transaction:

2022-04-28

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)
                                                                              2pence   1,000,000

 

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

 Price(s)  Volume(s)
               Aggregated volume:                                             2pence   1,000,000

               Price:
 

 e)            Date of the transaction:                                      2022-04-28

                                                                             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 pence   1,000,000

 

e)

Date of the transaction:

2022-04-28

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
 St Brides Partners Ltd (Financial                                                       Tel: 020 7236 1177
 PR)

 Susie Geliher / Ana Ribeiro / Selina Lovell

 

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 initial focus has been on the high-grade
Eclipse and Gindalbie Gold Projects in Western Australia.  The Company
expanded its exploration licence area in April 2022 from 9.5km(2) to
1,728km(2) with the acquisition of the Pitfield Copper-Gold Project and the
Walton Copper-Gold Project in Western Australia, and the Stavely Copper-Gold
Project in the Stavely Arc region of Victoria.

 

Empire also holds a portfolio of three precious metals projects located an
historically high-grade gold production region comprising the Rotgulden,
Schonberg and Walchen prospects in central-southern Austria.

 

The Board continues to evaluate opportunities through which to realise the
value of its wider portfolio and reviews further assets which meet the
Company's investment criteria.

 

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