Result of General Meeting

RNS Number : 0290F

Empire Metals Limited

11 November 2020

 

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

11 November 2020

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

Result of General Meeting

Empire Metals Limited, the AIM-quoted resource exploration and development company, is pleased to announce that the resolution approving the sale of the Company's wholly-owned subsidiary GMC Investments Limited ('GMCIL'), to Candelaria Mining Corporation (TSXV: CAND), was duly passed.

As announced on 26 October 2020, Empire has concluded a definitive and binding Sale and Purchase Agreement (subject to certain conditions) for the sale of the GMCIL, to Candelaria Mining Corporation, for an all-equity total consideration of 7 million Canadian dollars ('CAD'), with an initial payment of CAD 2 million (the 'Initial Consideration') plus additional payments subject to certain milestones being achieved in Georgia. GMCIL is the owner of a 50% interest in JSC Georgian Copper and Gold which in turn holds the rights to copper-gold projects under a 30-year mining concession in Georgia.

The final condition for closing of the transaction is the waiving of a right-of-first-refusal ('ROFR') in favour of Empire's Georgian partners, Caucasian Mining Group ("CMG"), which must be exercised within 20 business days from Empire submitting an offer. The final date for this ROFR to be exercised is 23 November 2020.

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 until the release of this announcement.

**ENDS**

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

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]
Beth Melluish	St Brides Partners Ltd	PR	Tel: [phone]

About Empire Metals Limited

Empire Metals' primary focus is on the Eclipse Gold Project in Western Australia which produced 954 tonnes @ 24.6 g/t Au for 754.25 oz Au from the Eclipse shaft which operated up to 1910.  In addition to the known mineralisation at and surrounding the Eclipse old workings, recent geophysics and geochemistry work has highlighted further potential mineralisation at two additional targets north-west of Eclipse, the Houdini and Easy prospects.

The Company also has a 50% joint venture in Georgia which covers an area of over 860 sq km and has a 30-year mining licence.  The joint venture covers a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which is due to advance to Feasibility Study.

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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