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Empire Resources Limited ( (AU:ERL) ) has shared an announcement.
Empire Resources has secured firm commitments for a A$5 million capital raising through a two-tranche placement of 625 million new shares at A$0.008 each to sophisticated and professional investors. The placement, priced at the company’s last traded share price, attracted strong support from both existing and new shareholders, with all new shares to rank equally with existing stock.
The funds will be used to accelerate exploration at the Yuinmery Project, advance exploration of gold mineralisation at the Penny’s Prospect near Kalgoorlie, and provide general working capital. A significant component of the second tranche includes up to A$1.5 million from entities associated with Executive Chairman Dr Michael Ruane, subject to shareholder approval, while the company resumes trading on the ASX following the announcement of the successful placement.
More about Empire Resources Limited
Empire Resources Limited is an Australian-listed resources company focused on mineral exploration, with key projects including the Yuinmery Project and the Penny’s Prospect near Kalgoorlie in Western Australia. The company targets gold and related mineralisation, positioning itself within the junior exploration segment of the mining industry on the ASX under ticker ERL.
Current Market Cap: A$11.87M
See more data about ERL stock on TipRanks’ Stock Analysis page.