Empire Metals' placing to raise £2 million as firm seeks to acquire 75% of Eclipse Gold Project

Tue, 24th Nov 2020

AIM-quoted resource exploration and development company, Empire Metals Limited, has raised £2 million before expenses through selling new ordinary shares, which it will use to acquire a 75% interest in the high-grade Eclipse Gold Mining Licence in Western Australia. The company said 61,538,462 new ordinary shares of no par value were placed with new and existing shareholders at a price of 3.25 pence per placing share. The proceeds will be used to continue the work programme that has commenced at the Eclipse Gold Mining project , as well as the company's efforts to identify and secure additional compelling assets in which the company can add value in the short term, as well as for general working capital purposes. Mike Struthers, CEO, said, "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. 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. "With Eclipse, we are operating in what is generally considered the highest ranked mining jurisdiction globally and are developing this project in a region which already hosts numerous world-class gold mines and development assets. I am enthusiastic about our opportunity to develop a new standalone gold mine at Eclipse and I look forward to providing further updates as we continue to interpret the data." At 2:56pm: (LON:EEE) share price was 0p at 4.1p Story provided by StockMarketWire.com

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