Empire Metals Limited Announces £4.5m Subscription by Institutional Investors
Rhea-AI Summary
Empire Metals Limited (EPMLF) has successfully raised £4.5 million through a subscription of 47,368,423 new ordinary shares at 9.5p per share from institutional investors. The subscription, led by Asian Investment Management Services Ltd, increases the company's total cash position to £7.1 million.
The funds will be used to advance the Pitfield Titanium Project through: expanding the drilling program to establish a significant Mineral Resource Estimate (MRE), accelerating process flowsheet development, scaling up metallurgical testwork for high-purity TiO2 product samples, and fast-tracking mining studies. Laboratory results have shown promise using conventional processing techniques, boosting confidence in producing high-value commercial products.
Following the subscription, Empire Metals' total issued share capital will be 689,633,233 ordinary shares, with admission to AIM expected around May 30, 2025.Positive
- Successful £4.5M capital raise strengthens balance sheet to £7.1M total cash position
- Increased institutional investor participation from Asia and Australia demonstrates market confidence
- Encouraging laboratory testwork results using conventional processing techniques
- Funds enable acceleration of key development workstreams for the Pitfield Titanium Project
Negative
- Share dilution through issuance of 47,368,423 new ordinary shares
- Project still in early development stages with no established resource estimate yet
News Market Reaction – EPMLF
On the day this news was published, EPMLF declined 8.26%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UNITED KINGDOM / ACCESS Newswire / May 23, 2025 / Empire Metals Limited (LON:EEE)(OTCQB:EPMLF), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce that is has raised
Shaun Bunn, Managing Director, said:"I am pleased to confirm the successful completion of this Subscription, which has increased participation from our institutional shareholders in Asia andAustralia. The Subscription was led by Asian Investment Management Services Ltd, an existing shareholder.
"The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings. The additional funds strengthen our balance sheet, increasing our cash position to
"With momentum building in 2025, Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium."
Use of Funds
The proceeds of the Subscription, together with existing cash reserves of
Expand the Pitfield titanium mineral resource development drilling programme to define a globally significant MRE;
Appoint additional metallurgical and engineering personnel to accelerate the development of the process flowsheet;
Upscale the bulk metallurgical testwork to provide high-purity TiO2 product samples to potential end users; and
Accelerate the commencement of mining studies, well ahead of schedule.
Laboratory testwork results to date have been encouraging and the use of conventional processing techniques has increased management's confidence that the process flowsheet can deliver high-value commercial end products. Development focus now has turned to optimising the various processing steps and commencing mine option studies. Proceeds from this equity placement fully fund the Company through these important, project development workstreams.
Application for Admission and Total Voting Rights
The Subscription Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 30 May 2025. As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 689,633,233 ordinary shares of no-par value.
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.com or contact:
Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell | Tel: 020 4583 1440 |
S. P. Angel Corporate Finance LLP (Nomad & Broker) Ewan Leggat / Adam Cowl | Tel: 020 3470 0470 |
Shard Capital Partners LLP (Joint Broker) Damon Heath | Tel: 020 7186 9950 |
St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to
The Exploration Target* covers an area less than
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Empire Metals Limited
View the original press release on ACCESS Newswire
FAQ
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