Business
Completion of Sale of 50% Interest in CGC
Completion of Sale of 50% Interest in CGC.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 5317B\n Empire Metals Limited\n 10 June 2021\n \n \n \n \n Empire Metals Limited / AIM: EEE / Sector: Natural Resources\n \n \n 10 June 2021\n \n \n \n Empire Metals Limited \n \n \n ('Empire' or the 'Company')\n \n \n \n Completion of Sale of 50% Interest in Georgian Copper & Gold\n \n \n \n \n \n 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. \n \n \n \n \n \n \n Shaun Bunn, Managing Director, said:\n \n \n \"Having now completed the sale of our 50% interest in GCG our cash at bank now sits at a healthy £3.1 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.\"\n \n \n \n \n \n \n Issue of Advisory Fee Shares\n \n \n 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.\n \n \n \n \n \n Application for Admission\n \n \n 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. \n \n \n \n \n \n Total Voting Rights\n \n \n As a result of the issue of the new shares as described above, the issued share capital of the Company now consists of \n 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.\n \n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain information contained in...