Empire Metals raises PS4.5 million to fund planned drilling programme
Empire Metals Ltd on Friday reported the completion of a successful equity raise, as it noted continued support from its institutional investors.
The London-based explorer and resource developer, currently focused on the Pitfield titanium project in Western Australia, said it has raised £4.5 million through a subscription from institutional investors.
Empire Metals said it issued 47.4 million shares at a price of 9.5 pence, noting that both new and existing investors participated.
The funds have been earmarked for - along with its cash reserves of £2.6 million - expanding the drilling programme at the Pitfield titanium mineral resource development, as well as for appointing personnel to accelerate process flowsheet development.
It also intends to use the proceeds for upscaling a large proportion of metallurgical testwork, as well as to accelerate the commencement of mining studies.
Its shares were down 0.1% at 10.69 pence on Friday afternoon in London.
Managing Director Shaun Bun commented: ‘I am pleased to confirm the successful completion of this subscription, which has increased participation from our 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.’
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