Business
Sale of Bolnisi & Board and Management Changes
Sale of Bolnisi & Board and Management Changes.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 1297D\n Empire Metals Limited\n 26 October 2020\n \n \n \n \n To view the announcement with the illustrative maps and diagrams please use the following link: \n http://www.rns-pdf.londonstockexchange.com/rns/1297D_1-2020-10-25.pdf\n \n \n \n Empire Metals Limited / AIM: EEE / Sector: Natural Resources\n \n \n 26 October 2020\n \n \n \n \n \n \n Empire Metals Limited \n \n \n ('Empire' or the 'Company')\n \n \n \n Sale of \n Bolnisi Copper and Gold Project in Georgia for CAD 7 Million, Board and Management Changes\n \n \n \n \n \n Empire Metals Limited, the AIM-listed mineral resource exploration and development company, is pleased to announce that it has concluded a definitive and binding Sale and Purchase Agreement (subject to certain conditions) for the sale of the Company's wholly-owned subsidiary GMC Investments Limited ('GMCIL'), to Candelaria Mining Corporation (TSXV: CAND) ('Candelaria', 'CAND' or the 'Buyer'), for an all-equity total consideration of 7 million Canadian dollars (\"CAD\"), with an initial payment of CAD 2 million (the 'Initial Consideration') plus additional payments subject to certain milestones being achieved in Georgia (altogether \"the Sale\"). GMCIL is the owner of a 50% interest in JSC Georgian Copper and Gold ('GCG'), which in turn holds the rights to copper-gold projects under a 30-year mining concession in Georgia.\n \n \n Highlights\n \n \n · \n Sale of Georgian assets to TSXV listed company with an excellent track record of developing projects in complex jurisdictions\n \n \n · \n Initial consideration payment of CAD 2 million in shares of CAND\n \n \n · \n Three further payments in shares of CAND of CAD 1 million, CAD 2 million and CAD 2 million totalling CAD 5 million on achieving certain milestones\n \n \n · \n Mr. Mike Struthers to join CAND as CEO, but will remain as Non-Executive Director of Empire and act as a consultant to the Company\n \n \n · \n Dr Neil O'Brien, Non-Executive Chairman, to join the board of CAND as a Non-Executive Director but will remain as Non-Executive Chairman of Empire\n \n \n · \n Exposure to Candelaria's development projects in Mexico as well as continued exposure to growth in Georgia via an equity holding in CAND \n \n \n · \n Sale subject to a right-of-first-refusal (\"ROFR\") in favour of Empire's Geo...