Perth-based explorer Empire Resources (ASX: ERL) will raise up to $892,800 through a share placement of 14,400,000 fully paid ordinary shares in two tranches.
The funds raised will be used to continue drilling the exciting Yuinmery Copper/Gold Project in WA, which has an indicated and inferred JORC resource of 1,070,000 tonnes @ 1.82%Cu, 0.78g/tAu, and for working capital purposes.
The first tranche of the placement of 9,400,000 fully paid ordinary shares will be made at an issue price of 6.2 cents per share, and will raise $582,800.
The second tranche of 5,000,000 fully paid ordinary shares to raise an additional $310,000 is to be approved by shareholders at the annual general meeting in November this year.
The new shares will rank equally with existing Empire ordinary share quoted on the ASX. Completion of the placement and receipt of the funds will take place over the next few days.
The company expects the trading halt currently in place will now be lifted to allow trading to recommence from the market opening on 11th October 2010.
Bell Potter Securities Limited is manager to the capital raising.