(Alliance News) - Empire Metals Ltd on Friday said it has raised GBP600,000 through a share placing, to go towards its operations in Georgia.
The gold-copper exploration and development company placed 60.0 million new shares at a price of 1.00 pence each.
Shares in the company were down 23% to 1.20p each in London on Friday afternoon.
The firm, which formerly did life as Georgian Mining Corp, said: "The net proceeds of the placing will be primarily used to maintain activities in Georgia following the recent confirmation of tenure over two of the company's priority assets, in addition to identifying compelling new assets through which the company can add short term value, as well as for general working capital purposes."
In January, the company said its 50%-owned joint venture Georgian Copper & Gold JSC secured the tenure at Kvemo Bolnisi East and Dambludi, "two key deposits".
By Eric Cunha; ericcunha@alliancenews.com
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Empire Metals (EEE)