Non-brokered offering of common stock will finance mineral properties
By Devika Patel
Knoxville, Tenn., Oct. 24 - Empire Mining Corp. said it settled a C$3 million fully subscribed non-brokered private placement of stock.
The company sold 30 million common shares at C$0.10 per share in two tranches of 15 million shares each. The price per share represents a 33.33% discount to the Oct. 23 closing share price of C$0.15.
First Quantum Minerals Ltd. purchased all 15 million shares in the first tranche for C$1.5 million and now holds 16.1% of Empire's issued and outstanding shares.
Proceeds will be used for the company's mineral properties and general corporate purposes.
Vancouver, B.C.-based Empire mines for copper, gold, silver and chromite in Turkey, Albania and Serbia.
| Issuer: | Empire Mining Corp.
|
| Issue: | Common stock
|
| Amount: | C$3 million
|
| Shares: | 30 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | First Quantum Minerals Ltd. (for C$1.5 million)
|
| Settlement date: | Oct. 24
|
| Stock symbol: | TSX Venture: EPC
|
| Stock price: | C$0.15 at close Oct. 23
|
| Market capitalization: | C$10.94 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
