Empire Metals (LON: EEE) said on Monday morning that it has received ministerial consent for the transfer of title, being the final condition of closing on the acquisition of a 75% interest in the Eclipse Gold Project.
The project is located 55 km north-east of Kalgoorlie, Western Australia.
Mike Struthers, Director at Empire Metals, said, “the results to date have been very encouraging and we believe this acquisition will create shareholder value as we continue to assess the potential economic mineralisation and a profitable open-pit operation.”
The consideration paid by Empire consists of A$1 million (approximately £550,000) in cash, A$0.5 million (£277,750) via the issue of over 7 million new ordinary shares, and the issue of over 7 million warrants exercisable at 4.70p for two years.
There was also a finder’s fee of A$0.5 million in shares paid to an unrelated party.
Empire Metals stock price is up 7.16% on Monday at 3.60p per share.
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