Read this...30 Sep 2025 07:30
23 May 2025 07:00
RNS Number : 9509J
Empire Metals Limited
23 May 2025
Empire Metals Limited / LON: EEE / Sector: Natural Resources
23 May 2025
Empire Metals Limited
('Empire' or the 'Company')
£4.5 million Subscription by Institutional Investors, Advancing Development of the Pitfield Titanium Project
Empire Metals Limited (LON: EEE, OTCQB: EPMLF), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce that is has raised £4.5 million by way of a subscription of 47,368,423 new ordinary shares of no par value in the capital of the Company at 9.5p (the 'Subscription Shares') to existing and new institutional shareholders (the 'Subscription').
Shaun Bunn, Managing Director, said: "I am pleased to confirm the successful completion of this Subscription, which has increased participation from our institutional shareholders in Asia and Australia. The Subscription was led by Asian Investment Management Services Ltd, an existing shareholder.
"The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings. The additional funds strengthen our balance sheet, increasing our cash position to £7.1 million, and will be deployed to expand the planned drilling programme with the objective of establishing a globally significant Mineral Resource Estimate ('MRE'); progress the bulk metallurgical testwork so as to deliver high-purity TiO2 product samples to end users; and bring forward the commencement of economic studies.
"With momentum building in 2025, Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium."
Use of Funds
The proceeds of the Subscription, together with existing cash reserves of £2.6 million, will be primarily used to:
· Expand the Pitfield titanium mineral resource development drilling programme to define a globally significant MRE;
· Appoint additional metallurgical and engineering personnel to accelerate the development of the process flowsheet;
· Upscale the bulk metallurgical testwork to provide high-purity TiO2 product samples to potential end users; and
· Accelerate the commencement of mining studies, well ahead of schedule.
Laboratory testwork results to date have been encouraging and the use of conventional processing techniques has increased management's confidence that the process flowsheet can deliver high-value commercial end products. Development focus now has turned to optimising the various processing steps and commencing mine option studies. Proceeds from this equity placement fully fund the Company through these important, project development workstreams.
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