By Devika Patel
Knoxville, Tenn., Aug. 14 - Empire Mining Corp. announced it has completed a private placement of units, raising C$2.08 million. The deal priced for up to C$2.03 million on March 14.
The company sold 6,933,332 units at C$0.30 apiece. Each unit will consist of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.38 for 18 months.
The majority of the units in the private placement were bought by Sprott Asset Management Inc. and Passport Materials Master Fund, LP.
Canaccord Capital Corp. was the agent.
Proceeds will be used for exploration and development of the company's Bulqiza chromite project in Albania.
Empire is a capital pool company based in Vancouver, B.C.
| Issuer: | Empire Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,079,999.60
|
| Shares: | 6,933,332
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.38
|
| Agent: | | Canaccord Capital Corp.
|
| Investors: | | Sprott Asset Management Inc., and Passport Materials Master Fund, LP
|
| Pricing date: | March 14
|
| Settlement date: | Aug. 14
|
| Stock symbol: | TSX Venture: EPC
|
| Stock price: | C$0.32 at close March 13
|
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