Empire Metals Ltd - resource exploration and development company - Raises GBP2.0 million before expenses through oversubscribed 61.5 million share placing priced at 3.25 pence per share. Placing proceeds will be used to exercise Empire's option to acquire a 75% interest in the Eclipse gold mining licence in Western Australia. Other uses of proceeds include a work programme which has begun at Eclipse, continuation of Empire's efforts to find and secure further compelling assets, and general capital purposes.
Chief Executive Mike Struthers: "The support that we have received from new and existing shareholders in completing this placing is an endorsement of our confidence in the potential for significant high-grade gold resource development at the Eclipse gold project. The results achieved to date from Eclipse have been very encouraging, with the latest set confirming that the mineralisation remains open at depth and along strike, with high-grade drill results along strike of existing historical workings confirming an extension to the main high-grade lode."
Current stock price: 3.35p; down 6.9% on Tuesday
Year-to-date change: up sharply from 1.65p.
By Anna Farley; annafarley@alliancenews.com
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Empire Metals (EEE)