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EMPIRE RESOURCES LIMITED — Capital/Financing Update 2024
May 7, 2024
64875_rns_2024-05-07_6c868459-e47e-40cd-879e-4c4ddca517d8.pdf
Capital/Financing Update
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ASX Release
8 May 2024
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EMPIRE SUCCESSFULLY RAISES MAXIMUM UNDER RIGHTS ISSUE
Empire Resources Limited (ASX:ERL, Empire) has successfully completed its pro-rata nonrenounceable rights issue offer (Rights Issue) announced on 10 April 2024. The Rights Issue sought to raise up to approximately $741,957 by way of a pro-rata non-renounceable rights offer of up to approximately 370,978,306 new shares on the basis of 1 new share for every 3 shares held at an issue price of 0.2 cents per new share.
The Rights Issue received strong support, with existing shareholders taking up approximately 93% of the available new shares. The remaining outstanding new shares were placed to a new investor, achieving the maximum subscription of $741,957.
The Company’s directors took up their full entitlements, demonstrating their strong commitment to the Company’s future. The Company also received strong interest from external investors throughout the Rights Issue offer period.
The Company would like to thank all shareholders for their support of the Rights Issue and welcomes the new investor to the register.
The Company received subscriptions as follows:
| Details | Offer Shares | Gross Proceeds* |
|---|---|---|
| Entitlement Securities | 198,185,677 | $396,371.70 |
| Additional Securities | 172,792,650 | $345,585.30 |
| Total | 370,978,327 | $741,957.00 |
- Apparent errors due to rounding
Based on the Prospectus dated 11 April 2024 and share registry calculations, a total of approximately 370,978,306 new shares were available under the Rights Issue. Following the closure of the Rights Issue the Company will issue 370,978,327 new shares.
Normal trading of the new shares is expected to commence on Friday, 10 May 2024.
This announcement is authorised for release by:
Sean Richardson Managing Director
For further information on the Company Phone: +61 (0)8 6389 1032 www.resourcesempire.com.au
www.resourcesempire.com.au [email protected] 159 Stirling Highway, Nedlands WA 6009
t +61 (0) 8 6389 1032
EMPIRE RESOURCES LIMITED ACN 092 471 513 ASX: ERL
ASX Announcement 8 May 2024
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About Empire
Empire Resources Limited (ASX:ERL) is a gold and copper focussed exploration and development company. Empire owns four highly prospective projects. The Yuinmery CopperGold Project 470km northeast of Perth in the Youanmi Greenstone Belt, the Barloweerie multielement precious and base metal project, the Nanadie Copper-Gold Project southeast of Meekatharra in the Murchison Region and the Penny’s Gold Project 45km northeast of Kalgoorlie in the prolific Eastern Goldfields Region of Western Australia. Empire’s projects have numerous exploration targets with excellent potential.
Empire has an experienced team of exploration, development and financial professionals who are committed to developing a sustainable and profitable mineral business. Empire seeks to extract value from direct exploration of its existing projects as well as identifying value accretive investment opportunities that complement the Company’s development objectives.
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Empire Resources Project Locations
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EMPIRE RESOURCES LIMITED ASX: ERL