Empire Metals Limited Eclipse Acquisition Completion & Issue of Equity (8020P)
February 22 2021 - 1:00AM
UK Regulatory
TIDMEEE
RNS Number : 8020P
Empire Metals Limited
22 February 2021
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
22 February 2021
Empire Metals Limited ('Empire' or the 'Company')
Completion of Acquisition of Eclipse Gold Project and Issue of
Equity
Empire Metals Limited, the AIM-quoted exploration and resource
development company, is pleased to announce the receipt of
Ministerial Consent for the transfer of title, being the final
condition of closing on the acquisition of a 75% interest in the
Eclipse Gold Project, located 55km north-east of Kalgoorlie,
Western Australia ('Eclipse' or the 'Project').
Mike Struthers, Director, said: "We are pleased to have now
completed the acquisition of a 75% interest in Eclipse. 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."
Completion and Issue of Equity
The consideration paid consists of AUD$1,000,000 (approximately
GBP550,000) in cash, AUD$500,000 (GBP277,750) settled via the issue
of 7,095,510 new ordinary shares of no-par value at a price of
3.91p (calculated by reference to the 30-day VWAP as at 10 December
2020, being the date of exercise of the Company's option over
Eclipse), and the issue of 7,095,510 warrants exercisable at 4.70p
(a 20% premium to the 30-day VWAP as at 10 December 2020) for two
years. In addition, a finder's fee has been paid to an unrelated
party of AUD$500,000 (GBP277,750) settled via the issue of
7,095,510 new ordinary shares of no-par value at a price of 3.91p
(calculated by reference to the 30-day VWAP as at 10 December 2020)
and the issue of 7,095,510 warrants exercisable at 4.70p (a 20%
premium to the 30-day VWAP as at 10 December 2020) for two
years.
Application for Admission
The new shares will rank pari passu in all respects with the
existing ordinary shares of no-par value in the capital of the
Company. Application will be made to the London Stock Exchange for
the new shares to be admitted to trading on AIM ('Admission'). It
is expected that Admission will become effective on or around 25
February 2021.
Following Admission of the new shares as described above, the
issued share capital of the Company will consist of 328,874,381
ordinary shares of no-par value. 328,874,381 represents the total
number of voting rights in the Company and may be used by
shareholders as the denominator for the calculations by which they
can determine if they are required to notify their interest in, or
a change to their interest in the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or
contact:
Mike Struthers Empire Metals Ltd Company Tel: 020 7907
9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Adam Cowl S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 020 7186
LLP 9950
Susie Geliher St Brides Partners Ltd PR Tel: 020 7236
1177
Beth Melluish St Brides Partners Ltd PR Tel: 020 7236
1177
About Empire Metals Limited
Empire Metals' primary focus is on the Eclipse Gold Project in
Western Australia which produced 954 tonnes @ 24.6 g/t Au for
754.25 oz Au from the Eclipse shaft which operated up to 1910. In
addition to the known mineralisation at and surrounding the Eclipse
old workings, recent geophysics and geochemistry work has
highlighted further potential mineralisation at two additional
targets north-west of Eclipse, the Houdini and Easy prospects.
The Company also has a 50% joint venture in Georgia which covers
an area of over 860 sq km and has a 30-year mining licence. The
joint venture covers a variety of targets and projects ranging from
greenfield exploration / target definition phase through
intermediate target-testing phases to more advanced projects
including Kvemo Bolnisi East which is due to advance to Feasibility
Study.
The Board continues to evaluate opportunities through which to
realise the value of its wider portfolio and reviews further assets
which meet the Company's investment criteria.
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END
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