Empire Metals raises £0.6m through placing and subscription

Empire Metals has raised £0.6m by way of a placing and subscription of 60,000,000 new ordinary shares with new and existing shareholders, it announced on Friday, at a price of 1p each.

The AIM-traded firm said the net proceeds of the placing would be primarily used to maintain activities in Georgia following the recent confirmation of tenure over two of its priority assets.

They would also be used to identify “compelling new assets” through which it could add short term value, as well as for general working capital purposes.

“The support from new and existing investors through today's placing will enable Empire Metals to advance its evaluation of high quality and complementary new exploration and development opportunities whilst simultaneously providing the funds required to unlock further value in our Bolnisi Copper and Gold Joint Venture,” said chief executive officer Mike Struthers.

“We are now well positioned to deliver on our strategy of expanding and diversifying our project portfolio and I look forward to providing further updates to shareholders in due course.”

At 1528 GMT, shares in Empire Metals were down 22.58% at 1.2p.