TIDMEEE
RNS Number : 7694S
Empire Metals Limited
13 March 2023
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
13 March 2023
Empire Metals Limited
("Empire " or "the Company")
Placing to Raise GBP 1.25 M to Accelerate Exploration at the
Company's Pitfield Project
& Investor Presentation
Empire Metals Limited is pleased to announce that it has raised
GBP1.25 million before expenses by way of a placing of 55,555,554
new ordinary shares of no par value in the capital of the Company
(the 'Placing Shares'), with new and existing shareholders in the
Company, at a price of 2.25 pence per Placing Share (the
'Placing').
The net proceeds of the Placing will be primarily used to allow
the Company to more rapidly advance the Company's exploration plans
at the Pitfield Copper Project in Western Australia ('Pitfield'),
which has demonstrated strong potential to be a new "Giant" copper
province. These funds will be used to expand the set of drill-ready
targets that were developed as a result of the geochemical and
geophysical programmes now completed at Pitfield. Empire is now
fully funded for an expanded maiden drilling campaign at Pitfield
to evaluate the economic potential of sediment-hosted stratabound
copper (SSC) targets defined by the work completed to date.
Mr Shaun Bunn (Managing Director) and Mr Gregory Kuenzel
(Finance Director) have each subscribed for 1,111,111 Placing
Shares. Dr Neil O'Brien (Non-Executive Chairman) has subscribed for
444,444 Placing Shares. Following this purchase, Mr Bunn's total
beneficial ownership interest in the Company is 2,111,111 ordinary
shares of no par value in the capital of the Company ('Ordinary
Shares'), representing 0.44% of the Company's issued share capital,
Dr O'Brien's total beneficial ownership interest in the Company is
2,094,444 Ordinary Shares , representing 0.43 % of the Company's
issued share capital, and Mr Kuenzel's total beneficial ownership
interest in the Company is 3,708,578 Ordinary Shares, representing
0.77 % of the Company's issued share capital.
Shaun Bunn, Managing Director, said: "We are delighted to have
successfully raised these new funds and with a high level of
support from new and existing shareholders which has been most
welcome and gratifying particularly in these current market
conditions. With this raise the Company will prepare for a more
comprehensive and expanded exploration drilling programme at our
emerging "Giant" copper exploration project at Pitfield.
"The technical advances at Pitfield, and our understanding of
the geology, has grown rapidly over the past few months. We have
successfully completed airborne magnetic and electro-magnetic
surveys, soil and rock sampling, geochemical and geological surface
mapping, and most recently surface geophysical mapping using DD-IP
all of which have confirmed Pitfield's potential as a giant copper
district. As a result, we have many drill-ready targets and we are
very excited to commence our maiden reconnaissance drilling
programme at Pitfield in the coming weeks."
Application for Admission
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 17
March 2023. As a result of the issue of the Placing Shares as
described above, the issued share capital of the Company now
consists of 482,879,172 ordinary shares of no-par value.
Investor Presentation
The Company can also confirm that it will provide a live
presentation on 16 March 2023 at 11:00 am GMT. The presentation
will provide additional information on the Pitfield Project, in
addition to details on Empire's new kaolin discovery at its
Eclipse-Gindalbie Project.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via the Investor
Meet Company dashboard up until 9am the day before the meeting or
at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet EMPIRE METALS LIMITED via:
https://www.investormeetcompany.com/empire-metals-limited/register-investor
Investors who already follow EMPIRE METALS LIMITED on the
Investor Meet Company platform will automatically be invited.
Warrants
The Company has agreed to issue warrants over a total of 773,333
ordinary shares in the Company exercisable at 3.375p per share for
a period of two years from date of grant to Shard Capital Partners
LLP (Joint Broker).
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, as incorporated into UK law by the
European Union (Withdrawal) Act 2018, until the release of this
announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Shaun Bunn
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status: Managing Director
----------------------------------------- -------------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name: Empire Metals Limited
----------------------------------------- -------------------------------------------
b) LEI: 2138002IOR7OCZZPB279
----------------------------------------- -------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of no
type of instrument: par value
Identification code: VGG9688A1003
----------------------------------------- -------------------------------------------
b) Nature of the transaction: Placing of options over
ordinary shares
----------------------------------------- -------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
2.25 pence 1,111,111
------------ ----------
----------------------------------------- -------------------------------------------
d) Aggregated information: Single transactions
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 2.25 pence 1,111,111
------------ ----------
----------------------------------------- -------------------------------------------
e) Date of the transaction: 2023-03-13
09:00 hrs UTC
----------------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Neil O'Brien
----------------------------------------- ----------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status: Non-Executive Chairman
----------------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name: Empire Metals Limited
----------------------------------------- ----------------------------------------
b) LEI: 2138002IOR7OCZZPB279
----------------------------------------- ----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of no
type of instrument: par value
Identification code: VGG9688A1003
----------------------------------------- ----------------------------------------
b) Nature of the transaction: Placing of options over
ordinary shares
----------------------------------------- ----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
2.25 pence 4 44,444
------------ ----------
----------------------------------------- ----------------------------------------
d) Aggregated information: Single transactions as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 2.25 pence 4 44,444
------------ ----------
----------------------------------------- ----------------------------------------
e) Date of the transaction: 2023-03-13
09:00 hrs UTC
----------------------------------------- ----------------------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ----------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Gregory Kuenzel
----------------------------------------- ----------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status: Finance Director
----------------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name: Empire Metals Limited
----------------------------------------- ----------------------------------------
b) LEI: 2138002IOR7OCZZPB279
----------------------------------------- ----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of no
type of instrument: par value
Identification code: VGG9688A1003
----------------------------------------- ----------------------------------------
b) Nature of the transaction: Placing of options over
ordinary shares
----------------------------------------- ----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
2.25 pence 1,111,111
------------ ----------
----------------------------------------- ----------------------------------------
d) Aggregated information: Single transactions as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 2.25 pence 1,111,111
------------ ----------
----------------------------------------- ----------------------------------------
e) Date of the transaction: 2023-03-13
09:00 hrs UTC
----------------------------------------- ----------------------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ----------------------------------------
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
Empire Metals Ltd Tel: 020 7907 9327
Shaun Bunn / Greg Kuenzel
S. P. Angel Corporate Finance LLP Tel: 020 3470 0470
(Nomad & Broker)
Ewan Leggat / Adam Cowl
-------------------
Shard Capital Partners LLP (Joint Tel: 020 7186 9950
Broker)
Damon Heath / Erik Woolgar
-------------------
St Brides Partners Ltd (Financial Tel: 020 7236 1177
PR)
Susie Geliher / Ana Ribeiro / Max
Bennett
-------------------
About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and
resource development company with a project portfolio comprising
gold interests in Australia and Austria.
The Company's strategy is to develop a pipeline of projects at
different stages in the development curve. Its current focus is on
the Pitfield Copper Project in Western Australia, which has
demonstrated strong potential to be a new "Giant" copper province.
The Company is also advancing the Eclipse-Gindalbie Project in
Western Australia, which is prospective for high-grade gold and
also kaolin, which is used extensively in a number of industries
and is considered to be a desirable feedstock for the production of
high-purity alumina - an essential component in lithium-ion
batteries.
The Company also has two further exploration projects in
Australia; the Walton Copper-Gold Project in Western Australia, and
the Stavely Copper-Gold Project in the Stavely Arc region of
Victoria, in addition to three precious metals projects located in
a historically high-grade gold production region in
central-southern Austria.
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END
IOEZZGMFMFRGFZM
(END) Dow Jones Newswires
March 13, 2023 07:30 ET (11:30 GMT)
Empire Metals (LSE:EEE)
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