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Empire Metals raises £2mln to complete purchase of Eclipse gold mining project in Australia

The Eclipse project is located in a highly prospective and well-established mining district in Australia

Empire Metals Ltd -

Empire Metals Ltd (LON:EEE) has raised £2mln by way of an oversubscribed placing of shares with new and existing shareholders at a price of 3.25p.

The proceeds will be primarily used to exercise the company's option to acquire a 75% interest in the high-grade Eclipse gold mining licence in Western Australia, to complete the work programme that has commenced there under the option, and to continue the company's efforts to identify and secure additional assets.

"The support that we have received from new and existing shareholders in completing this placing is an endorsement of our confidence in the potential for significant high-grade gold resource development at the Eclipse gold project,” said Empire chief executive Mike Struthers.

“The results achieved to date from Eclipse have been very encouraging, with the latest set confirming that the mineralisation remains open at depth and along strike, with high-grade drill results along strike of existing historical workings confirming an extension to the main high-grade lode.”

Meanwhile, the company is continuing with the planned sale of the Bolnisi project in Georgia, and is currently in talks with a partner in regard to a right of first refusal clause.  

Quick facts: Empire Metals Ltd

Price: 4.2 GBX

AIM:EEE
Market: AIM
Market Cap: £13.22 m
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Empire Metals set for 'exciting first half of 2021' after raising £2m to...

Empire Metals Ltd's (LON:EEE) Mike Struthers talks to Proactive London about raising £2mln to complete the purchase of Eclipse gold mining project in Australia. Struthers says the placing was 'heavily oversubscribed' after 'some really good results from Eclipse and there is more to come...

on 26/11/20

2 min read