Non-brokered deal funds Bursa property in Turkey and working capital
By Devika Patel
Knoxville, Tenn., Sept. 6 - Empire Mining Corp. said it raised C$1.5 million in the first tranche of a non-brokered private placement of stock. The deal priced for up to C$3 million on Aug. 20.
The company is selling up to 30 million common shares at C$0.10 per share. The price per share is identical to the Aug. 17 closing share price. Empire sold 15 million shares to First Quantum Minerals Ltd. in the initial tranche.
Proceeds will be used in connection with the Bursa property in western Turkey and for general working capital purposes.
Empire is a copper and gold exploration and development company based in Vancouver, B.C.
| Issuer: | Empire Mining Corp.
|
| Issue: | Common stock
|
| Amount: | C$3 million (maximum)
|
| Shares: | 30 million (maximum)
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | First Quantum Minerals Ltd. (for C$1.5 million)
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 6 (for C$1.5 million)
|
| Stock symbol: | TSX Venture: EPC
|
| Stock price: | C$0.10 at close Aug. 17
|
| Market capitalization: | C$6.94 million
|
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