Business
£3m Placing to Expand Exploration at Pitfield
£3m Placing to Expand Exploration at Pitfield.
About this update from Empire Metals Limited
[{"type":"text","content":"\n\nEmpire Metals Limited / LON: EEE / Sector: Natural Resources\n25 September 2023\nEmpire Metals Limited\n(\"Empire\" or \"the Company\")\n \nPlacing to Raise £3 million to Expand and Accelerate Exploration at the Company's Pitfield Project, Commencement of Drilling & Investor Presentation\n \nEmpire Metals Limited is pleased to announce that it has raised £3 million before expenses by way of a significantly oversubscribed placing of 75,000,000 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 4 pence per Placing Share (the 'Placing').\n \nThe net proceeds of the Placing will be primarily used to allow the Company to expand the planned Phase 1 Reverse Circulation ('RC') drill programme, currently scheduled for later this year, following on from the 1,500 metre Diamond Core programme which commenced on 21 September. As announced 13 September 2023, this Phase 1 RC programme will involve a significant drilling campaign, which will be carried out along the length of the high-density gravity core and, in particular, focusing on the very dense zones that have now been identified within the magnetics anomaly. The objective of this drill programme is to not only confirm the scale of this giant, titanium-enriched mineral system but to also understand the distribution of key factors better, such as grade, mineralogy, thickness and extent of mineralised beds and controls on high-grade TiO2 mineralisation. Following this successful Placing, a second phase of RC drilling will now be planned to commence in early 2024, expanding on the targets already included in Phase 1. These additional funds will also allow the Company to commence mineralogical and metallurgical studies which will provide further information on the most economic route to processing.\n \nShaun Bunn, Managing Director, said: \"We have received exceptional results from our exploration efforts at Pitfield to date, and today's fundraising will ensure that we can continue to push ahead, unimpeded, to a point where we can begin to establish the potential value of this giant, titanium-enriched mineral system. We have received significant support from existing and new investors in this oversubscribed Placing, a sign, I believe, that the market is b...