Business
Completes Acquisition of Chro
Completes Acquisition of Chro.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n RNS Number : 4024Y Anglo Pacific Group PLC 21 December 2010 \n \n\n \n \n \nNews Release\n \n \n \nDecember 21, 2010\n \n \n \nAnglo Pacific Group PLC\nCompletes Acquisition of Chromite Royalty from Empire Mining Corporation\n \n \nAnglo Pacific Group PLC (the \"Company\", the \"Group\") (LSE: APF) (TSX: APY) is pleased to announce on December 20, 2010 the completion of its acquisition of a 3% gross royalty over Empire Mining Corporation's (\"Empire\") (TSX-V: EPC) Bulqiza chromite project in Albania.\n \nThe Company also announces its acquisition via private placement of 6,700,000 shares of Empire at C$0.225 per share, representing approximately 16.28% of the outstanding shares of Empire. The Company now holds a total of 8,213,500 shares of Empire, or approximately 19.96% of the total issued and outstanding Empire shares. The net proceeds of C$4.1million from these transactions will enable Empire to advance project exploration and development, with the aim of moving towards production in late 2011.\n \nThe Bulqiza-Batra chromite deposit hosts the historically productive Bulqiza and Batra Mines which were responsible for the bulk of Albania's chromite output when it was the third largest producer in the world before the collapse of the communist regime in 1989. The Bulqiza-Batra chromite deposit is characterized by high grades (+38% Cr2O3) and good metallurgical quality (Cr:Fe ratios of up to 3:1). Empire's Bulqiza Licence surrounds and extends from the producing Bulqiza and Batra Mines and includes the Eastern and Western extensions of the Bulqiza-Batra chromite deposit.\n \nThe Empire shares acquired by the Company are held for investment purposes. This investment will be reviewed on a continuing basis by the Company and such holdings may be increased or decreased in the future. The Company may in the future acquire or dispose of Empire shares, through the open market, privately or otherwise, as circumstances or market conditions warrant.\n \nThe Company is pleased to have acquired its first chromite royalty which further diversifies the Group's commodity exposure.\n \nAnglo Pacific Group PLC is a global natural resources royalties company. The strategy of the Group is to expand its mineral royalty interests in low-cost, ...