Completion of Sale of 50% Interest in CGC

RNS Number : 5317B

Empire Metals Limited

10 June 2021

 

Empire Metals Limited / AIM: EEE / Sector: Natural Resources

10 June 2021

Empire Metals Limited ('Empire' or the 'Company')

Completion of Sale of 50% Interest in Georgian Copper & Gold

Empire Metals Limited, the AIM-quoted resource exploration and development company, is pleased to announce that it has completed the sale of its 50% holding in Georgian Copper & Gold JSC ('GCG') and the cash consideration totalling US$3.3 million has been received by the Company.

Shaun Bunn, Managing Director, said: "Having now completed the sale of our 50% interest in GCG our cash at bank now sits at a healthy £3.1 million putting us in a strong financial position to continue to create shareholder value principally from the Eclipse and Central Menzies Gold Projects in Western Australia."

Issue of Advisory Fee Shares

Pursuant to the advisory agreement, a fee of US$150,000 settled via the issue of 3,995,238 new ordinary shares in the Company at a price of 2.65p have been allotted to the Company's Georgian advisor.

Application for Admission

The new shares issued pursuant to the advisory agreement will rank pari passu in all respects with the existing ordinary shares of no-par value in the capital of the Company.  Application will be made to the London Stock Exchange for the new shares to be admitted to trading on AIM ('Admission').  It is expected that Admission will become effective on or around 16 June 2021.

Total Voting Rights

As a result of the issue of the new shares as described above, the issued share capital of the Company now consists of 336,711,755 ordinary shares of no-par value. The figure of 336,711,755 ordinary shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their investment in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

For further information please visit www.empiremetals.co.uk  or contact:

Shaun Bunn	Empire Metals Ltd	Company	Tel: [phone]
Mike Struthers	Empire Metals Ltd	Company	Tel: [phone]
Ewan Leggat	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: [phone]
Adam Cowl	S. P. Angel Corporate Finance LLP	Nomad & Broker	Tel: [phone]
Damon Heath	Shard Capital Partners LLP	Joint Broker	Tel: [phone]
Susie Geliher	St Brides Partners Ltd	PR	Tel: [phone]
Cosima Akerman	St Brides Partners Ltd	PR	Tel: [phone]

About Empire Metals Limited

Empire Metals' primary focus is on the Eclipse and Central Menzies gold projects in Western Australia.  Empire owns 75% of Eclipse and has the option to acquire 75% of Central Menzies, with a right to acquire a further 25%.  Both projects have historical workings within the licences and are highly prospective.

Empire also holds a portfolio of three precious metals projects located an historically high-grade gold production region comprising the Rotgulden, Schonberg and Walchen prospects in central-southern Austria. 

The Board continues to evaluate opportunities through which to realise the value of its wider portfolio and reviews further assets which meet the Company's investment criteria.

 

 

END

 

 

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