REG - Empire Metals Ltd - Saudi Strategic Investor Led Placing to Raise £3m

Empire MetalsAnnouncement

22/01/2024 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:20240122:nRSV3719Aa&default-theme=true

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 £3 million to Advance
Development of Pitfield Titanium Project

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and
development company, is pleased to announce that is has raised £3 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
(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 / Kasia Brzozowska
 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 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.

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  IOEBIGDBGGDDGSB