Business
Placing to Raise £1.25M to Accelerate Exploration
Placing to Raise £1.25M to Accelerate Exploration.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \n \n Empire Metals Limited /\n LON\n : EEE / Sector: Natural Resources\n \n \n 13\n March 2023\n \n \n \n Empire Metals Limited\n \n \n \n \n (\"Empire\n \n \n \" or \"the Company\")\n \n \n \n \n \n \n \n \n Placing to Raise £\n 1.25\n M to Accelerate Exploration at the Company's Pitfield Project\n \n \n & Investor Presentation\n \n \n \n \n \n \n \n Empire Metals Limited is pleased to announce that it has raised £1.25 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').\n \n \n \n \n \n The net proceeds of the Placing will be primarily used\n 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.\n 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.\n \n \n \n \n \n Mr Shaun Bunn (Managing Director) and Mr Gregory Kuenzel (Finance Director) have each subscribed for\n \n 1,111,111\n 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\n \n \n 2,111,111\n ordinary shares of no par value in the capital of the Company ('Ordinary Shares'), representing\n \n \n 0.44%\n of the Company's issued share capital, Dr O'Brien's total beneficial ownership interest in the Company is\n \n \n 2,094,444\n Ordinary Shares , representing\n \n \n 0.43\n % of the Company's issued share capital, and Mr Kuenzel's total beneficial ownership interest in the Company is\n \n \n 3,708,578\n Ordinary Shares, representing\n \n \n 0.77\n % of the Company's issued share capital.\n \n \n \n \n \n \n \n Shaun Bunn, Managing Director, said:\n \n \"We are delighted to have successfully raised these new ...