Placing at premium22 Jan 2024 07:01
IDMEEE
RNS Number : 3719A
Empire Metals Limited
22 January 2024
Empire Metals Limited / LON : EEE / Sector: Natural Resources
22 January 2024
Empire Metals Limited
('Empire ' or the 'Company')
Saudi Strategic Investor Led Placing to Raise GBP3 million to Advance Development of Pitfield Titanium Project
E mpire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that is has raised GBP3 million before expenses by way of a placing of 27,272,728 new ordinary shares of no par value in the capital of the Company at 11p (the 'Placing Shares') to a strategic investor in Saudi Arabia and existing shareholders (the 'Placing').
Shaun Bunn, Managing Director, said: "We are extremely pleased to welcome TransOceanic Minerals, a group focused on investments in the natural resource sector as a shareholder of the Company. The principal, Mr Fahad Al-Tamimi has also led some of the largest engineering and construction projects in the natural resource sector in Saudi Arabia. This is an important milestone for the Company as this strategic partnership not only recognises the global significance of our Pitfield project but with the on-going support of TransOceanic Minerals and potential future partnerships in Saudi Arabia, the Company will have the capacity to expand project development and accelerate value creation for all shareholders. We also thank our existing shareholders for their continued support as we now add to our on-going exploration efforts a significant work stream of mineralogical studies and metallurgical test work and design which will move the project the next critical step towards mine development."
The net proceeds of the Placing will be primarily used to allow the Company to continue to expand the Reverse Circulation ('RC') drilling and to undertake additional Diamond Core drilling for petrology, mineralogical and metallurgical studies. These programmes will be in addition to the current RC drill programme, the final results from the first phase being announced shortly with the second, already funded, phase expected to commence in February. The new funds will also be used to expand mineralogical and metallurgical studies and process design work that will focus on the beneficiation and recovery of a high-value TiO(2) product with a view to moving to the design phase for a test plant in 2025.
Application for Admission and Total Voting Rights
The Placing Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 26 January 2024. As a result of the issue of the Placing Shares as described above, the issued share capital of the Company now consists of 598,850,524 ordinary shares of no-par value.
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