Empire Metals Ltd (AIM:EEE) has raised £3 million to expand its drilling plans at the Pitfield deposit in Western Australia.
A 1,500-metre diamond core programme is already underway with this additional funding earmarked for a second phase of reverse circulation exploration in early 2024 focusing on very dense zones recently identified within the magnetics anomaly.
Empire said the placing to raise the £3 million was "significantly" oversubscribed at the strike price of 4p per share, a 10% discount to Friday's close.
Shaun Bunn, Empire’s 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 beginning to grasp the potential global significance of our discovery at Pitfield.”