Empire Metals Limited Completion of Sale of 50% Interest in CGC (5317B)
10 Junio 2021 - 08:05AM
UK Regulatory
TIDMEEE
RNS Number : 5317B
Empire Metals Limited
10 June 2021
Empire Metals Limited / AIM: EEE / Sector: Natural Resources
10 June 2021
Empire Metals Limited ('Empire' or the 'Company')
Completion of Sale of 50% Interest in Georgian Copper &
Gold
Empire Metals Limited, the AIM-quoted resource exploration and
development company, is pleased to announce that it has completed
the sale of its 50% holding in Georgian Copper & Gold JSC
('GCG') and the cash consideration totalling US$3.3 million has
been received by the Company.
Shaun Bunn, Managing Director, said: "Having now completed the
sale of our 50% interest in GCG our cash at bank now sits at a
healthy GBP3.1 million putting us in a strong financial position to
continue to create shareholder value principally from the Eclipse
and Central Menzies Gold Projects in Western Australia."
Issue of Advisory Fee Shares
Pursuant to the advisory agreement, a fee of US$150,000 settled
via the issue of 3,995,238 new ordinary shares in the Company at a
price of 2.65p have been allotted to the Company's Georgian
advisor.
Application for Admission
The new shares issued pursuant to the advisory agreement 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 16 June 2021.
Total Voting Rights
As a result of the issue of the new shares as described above,
the issued share capital of the Company now consists of 336,711,755
ordinary shares of no-par value. The figure of 336,711,755 ordinary
shares may be used by shareholders of the Company as the
denominator for the calculations by which they will determine if
they are required to notify their investment in, or a change in
their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance 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, as incorporated into UK law by the
European Union (Withdrawal) Act 2018, until the release of this
announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or
contact:
Shaun Bunn Empire Metals Ltd Company Tel: 020 7907
9327
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
Cosima Akerman St Brides Partners Ltd PR Tel: 020 7236
1177
About Empire Metals Limited
Empire Metals' primary focus is on the Eclipse and Central
Menzies gold projects in Western Australia. Empire owns 75% of
Eclipse and has the option to acquire 75% of Central Menzies, with
a right to acquire a further 25%. Both projects have historical
workings within the licences and are highly prospective.
Empire also holds a portfolio of three precious metals projects
located an historically high-grade gold production region
comprising the Rotgulden, Schonberg and Walchen prospects in
central-southern Austria.
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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June 10, 2021 09:05 ET (13:05 GMT)
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