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(Alliance News) - Empire Metals Ltd on Wednesday purchased a 70% stake in three "highly prospective" Australian-based copper-gold projects from Century Minerals Pty Ltd.
The London-based explorer and developer focused on Australia paid AUD100,000 in cash, or GBP57,870, and with 16.8 million Empire shares for the interest in the Walton, Pitfield and Stavely projects. It noted that the shares it issued represented a 5% stake in its share capital at signing.
Empire agreed to spend a minimum of AUD1.4 million on the exploration of the projects within 24 months of the date of acquisition. This may be extended by a further 12 months should either the Walton or Stavely tenements not be granted within 12 months of acquisition, it said.
Empire also agreed to pay Century performance-based payments.
Empire stated that the acquisition has the potential to transform it into a significant explorer and developer in Australia. Further, it will complement its existing Eclipse and its Gindalbie project in Kalgoorlie, Australia.
Empire Metals shares were trading 3.9% higher at 1.35 pence each in London on Tuesday morning.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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