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(Sharecast News) - Empire Metals said in an update on Thursday that it has raised £7m from existing institutional investors, to accelerate development of its Pitfield titanium project in Western Australia, and support a potential dual listing on the Australian Securities Exchange next year.
The AIM- and OTCQX-traded explorer said the funds were raised through a subscription for 17.5 million new shares at 40p each, representing a premium to the current market price.
It said the proceeds would be used to advance resource expansion drilling, metallurgical testing, and pilot-scale production scheduled to begin in 2026, aimed at producing high-purity titanium dioxide samples for potential end users and to support preliminary engineering and economic studies.
"I am very pleased to announce the successful completion of this subscription, which was executed at a premium to the current share price and reflects increased participation from our institutional shareholders in Asia and Australia," said managing director Shaun Bunn.
"This continued support underscores both the scale and strategic value of the Pitfield Project and strengthens the company as we move into a critical phase of our development.
"With this subscription, our cash position is now £11m, providing a robust balance sheet to drive the next phase of development."
Empire said the new funds would also support ongoing work to develop products for the titanium metal supply chain, including titanium tetrachloride, and to strengthen its technical and corporate teams.
It said it planned to use Canaccord Genuity Australia as its lead adviser for the proposed ASX listing in the first half of 2026.
Following the issue of the subscription shares, Empire's total share capital would rise to 710,893,221 ordinary shares.
Admission of the new shares to trading on AIM was expected to take effect on 5 November.
At 1017 GMT, shares in Empire Metals were up 14.17% at 39.96p.
Reporting by Josh White for Sharecast.com.
