Business
£8m Subscription by Institutional Shareholders
Empire Metals Limited has successfully raised £8 million through a subscription of new ordinary shares at 30 pence per share, primarily from existing institutional shareholders. This capital injection will bolster the company's pro-forma cash position to approximately £14.5 million and fund crucial value-adding activities, including updates to the Mineral Resource Estimate, mine planning, metallurgical testwork, and engineering studies. The proceeds will also support product development for TiO₂ rutile pigment and titanium sponge metal markets, alongside costs associated with the planned ASX dual listing in the second half of 2026. Disclaimer*
About this update from Empire Metals Limited
[{"type":"text","content":"\n\nEmpire Metals Limited / LON: EEE, OTCQX: EPMLF / Sector: Natural Resources\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.\n \n11 May 2026\nEmpire Metals Limited\n(\"Empire\" or \"the Company\")\n \n£8 million Subscription by Institutional Shareholders\n \nEmpire Metals Limited (LON: EEE, OTCQX: EPMLF), the AIM-quoted and OTCQX-traded resource exploration and development company, is pleased to announce that it has raised gross proceeds of £8 million by way of a subscription of 26,666,667 new ordinary shares of no par value in the capital of the Company at a price of 30 pence per ordinary share (the 'Subscription Shares') to existing institutional shareholders (the 'Subscription').\n \nHighlights\n· Subscription raises gross proceeds of £8 million from existing institutional shareholders\n· Pro-forma cash position circa £14.5 million on completion\n· Proceeds will fund key value accretive workstreams including Mineral Resource Estimate ('MRE') updates and mine planning work, metallurgical batch and continuous pilot scale testwork and engineering and economic studies\n· Product development testwork and marketing studies advancing, focusing on the TiO₂ rutile pigment and titanium sponge metal markets\n· ASX dual listing on track for H2 2026, with Canaccord Genuity (Australia) to act as lead adviser\n \nShaun Bunn, Managing Director, said: \"Existing institutional investors increasing their positions reflects strong support for our strategy and the progress at Pitfield. With momentum across all workstreams and our ASX dual listing on track for H2 2026, this investment underpi...