Business
Placing & Subscription to Raise £600,000
Placing & Subscription to Raise £600,000.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \n \n RNS Number : 4214E\n Empire Metals Limited\n 28 February 2020\n \n \n \n \n Empire Metals Limited / AIM: EEE / Sector: Natural Resources\n \n \n 28 February 2020\n \n \n \n Empire Metals Limited \n \n \n ('Empire Metals' or the 'Company')\n \n \n \n Placing & Subscription to Raise £600,000\n \n \n \n \n \n Empire Metals is pleased to announce that it has raised £600,000 by way of a placing and subscription of 60,000,000 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 1 pence per Placing Share (the 'Placing').\n \n \n \n \n \n The net proceeds of the Placing will be primarily used to maintain activities in Georgia following the recent confirmation of tenure over two of the Company's priority assets, in addition to identifying compelling new assets through which the Company can add short term value, as well as for general working capital purposes.\n \n \n \n \n \n \n Mike Struthers, CEO, said\n \n : \"The support from new and existing investors through today's Placing will enable Empire Metals to advance its evaluation of high quality and complementary new exploration and development opportunities whilst simultaneously providing the funds required to unlock further value in our Bolnisi Copper and Gold Joint Venture. We are now well positioned to deliver on our strategy of expanding and diversifying our project portfolio and I look forward to providing further updates to shareholders in due course.\"\n \n \n \n \n \n Application for Admission\n \n \n \n \n \n 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 will be 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 5 March 2020. \n \n \n \n \n \n As a result of the issue of the Placing Shares as described above, the issued share capital of the Company now consists of 193,756,991 ordinary shares of no par value.\n \n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes ...