Empire Metals Ltd - London-based resource exploration and development company - Completes acquisition of 75% interest in Eclipse gold project located 55 kilometres north east of Kalgoorlie, western Australia, following receipt of ministerial consent for the transfer of title. Says consideration consists of GBP550,000 in cash, GBP277,750 settled via the issue of 7.1 million shares at 3.91 pence per share and the issue of 7.1 million warrants exercisable at 4.70p per share for two years. In addition, a finder's fee has been paid to an unrelated and unnamed party of GBP277,750, settled via the issue of 7.1 million shares at 3.91p and the issue of 7.1 million warrants exercisable at 4.70p for two years.
"The results to date have been very encouraging and we believe this acquisition will create shareholder value as we continue to assess the potential economic mineralisation and a profitable open pit operation," says Director Mike Struthers.
Current stock price: 3.59p
Year-to-date change: down 5.5%
By Zoe Wickens; zoewickens@alliancenews.com
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Empire Metals (EEE)