Business
Empress Royalty Closes Private Placement and Welcomes New Strategic Investor
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRI...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Royalty Closes Private Placement and Welcomes New Strategic InvestorNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / October 25, 2022 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (\"Empress\" or the \"Company\") is pleased to announce that it has now closed the second and final tranche of its non-brokered private placement of units (\"Units\") raising an additional US$1M in gross proceeds through the sale of an additional 4,316,666 Units. With the second tranche closing, the Company has raised a total of US$2M which is equivalent to C$2.6M in gross proceeds from the sale of a total of 8,666,666 Units at a price of C$0.30 per Unit (the \"Offering\").\"The private placement is a fundamental step in the growth of Empress' vision and business strategy, and we welcome Rick Rule as a long-term strategic investor,\" stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. \"The funds raised will be deployed to aggressively evaluate new potential opportunities to expand our diversified portfolio of revenue-generating gold and silver investments. We are focused on executing our strategy of becoming a leading financier to the junior mining industry and creating significant value for our shareholders.\"Each Unit will be comprised of one common share of the Company (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share (a \"Warrant Share\") at a price of C$0.60 for a period of five years from the closing date of the Offering. In the event, the closing price (or closing bid price on days when there are no trades) of Common Shares on the TSX Venture Exchange (the \"Exchange\") exceeds C$1.20 for a minimum of 20 consecutive trading days, the Company may provide written notice to each holder of Warrants requiring each holder to exercise such Warrants within 30 days following the date of delivery of such written notice, after which the Warrant will expire. The Common Shares, Warrants, and Warrant Shares will be subject to a resale hold period under Canadian securities laws until four months from closing. The Offering is subject to the final approval of the Ex...