Empress Royalty Corp (TSX-V:EMPR, OTCQB:EMPYF) has completed the first tranche of its $2-million private placement with strategic investor Rick Rule after issuing 4.35 million units at 30 cents each for gross proceeds of $1 million.
"It is our absolute pleasure to welcome Rick Rule as a strategic investor in Empress Royalty and we look forward to closing the final tranche of this financing imminently," Empress president and CEO Alexandra Woodyer Sherron said.
Empress intends to use the proceeds of the offering to evaluate potential royalty and streaming investment opportunities, increase market awareness in the US, and for general working capital purposes.
READ: Empress Royalty looking for royalties and streaming agreements on development to production stage mining projects
"I'm delighted to become a shareholder and participate in the growth of Empress Royalty," said Rick Rule.
The common shares, warrants and warrant shares will be subject to a resale hold period of four months from closing under Canadian securities laws. The offering may close in one or more tranches and is subject to the approval of the exchange.
Empress is a global royalty and streaming creation company providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects that require additional non-dilutive capital.
The company has strategic partnerships with Endeavour Financial and Terra Capital (AIM:TCA), which allow Empress to, not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets.
Contact the author at jon.hopkins@proactiveinvestors.com