Empire Metals Ltd (AIM:EEE, OTCQB:EPMLF) has raised £4.5 million through a share subscription with institutional investors.
It sees the issue of 47.36 million new shares at a price of 9.5p. As a result, the company’s cash position rises to £7.1 million.
Proceeds will support and expansion of drilling at the Pitfield titanium project to enable a mineral resource estimate, as well as metallurgical testwork, and acceleration of economic studies.
Empire managing director Shaun Bunn highlighted that the funding featured strong participation from institutional shareholders in Asia and Australia.
"The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings,” Bunn said in a statement.
He added: "With momentum building in 2025, Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium."