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Empire Resources (ASX:ERL) set to raise $1.3M for exploration
  • Exploration company Empire Resources (ERL) has received commitments to undertake a $1.3 million placement
  • Approximately 108 million new fully-paid ordinary shares will be issued to sophisticated and professional investors at a price of 1.2 cents each
  • The shares are expected to be issued on or around August 7
  • Empire will use the money for exploration drilling at its Yuinmery and Penny's Gold Projects in Western Australia, and general working capital
  • Empire has ended the 7.14 per cent in the green with shares trading for 1.5 cents each

Exploration company Empire Resources (ERL) has received commitments to undertake a $1.3 million placement.

Approximately 108 million new fully-paid ordinary shares will be issued to sophisticated and professional investors at a price of 1.2 cents each.

This price represents a 14 per cent discount to Empire's last closing price of 1.4 cents on July 31, and a 12 per cent discount to the 10-day volume-weighted average price of 1.36 cents per share.

The shares are expected to be issued on or around August 7.

Empire will use the money for exploration drilling at its Yuinmery and Penny's Gold Projects in Western Australia, and general working capital.

"The very encouraging copper-nickel-platinum group element results recently returned from drilling at Yuinmery, along with highly prospective gold targets at Penny's in an all-time high gold price environment offer considerable opportunity for growth," Managing Director Sean Richardson said.

"We look forward to updating the market with regular results as we continue to advance exploration activities across all our exciting projects," he added.

Empire has ended the 7.14 per cent in the green with shares trading for 1.5 cents each in an $11.19 million market cap.


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