United States : Empire Options Bursa Licenses in Turkey to First Quantum Minerals in $11.5 Million Deal; Announces Private Placement [TendersInfo (India)]Kalpita98Al Bawaba Ltd.
Empire Mining Corporation ("Empire") is pleased to announce that it has entered into a binding letter agreement (the "FQML Agreement") with First Quantum Minerals Ltd. ("FQML"), subject to certain conditions, respecting Empire's Bursa Licenses, which cover the Demirtepe skarn and Karapinar porphyry projects in Western Turkey ("Bursa").
Empire is also pleased to announce a non-brokered private placement of its common shares ("Common Shares") to raise gross proceeds of between CAN$1,500,000 and CAN$3,000,000 (the "Private Placement"). Empire will offer between 15,000,000 and 30,000,000 Common Shares (no warrants) at a price of CAN$0.10 per share to qualified purchasers.
Under the FQML Agreement, FQML has been granted an option to acquire a 51% interest in Bursa by making a payment to Empire of CAN$1.5 million and completing staged exploration expenditures of CAN$8.5 million within three (3) years, with a minimum firm commitment in the first year of CAN$2.5 million. FQML can earn an additional 19% interest in Bursa for a total interest of 70% by delivering a technical report on Bursa delineating a resource of not less than 1,000,000 tonnes of copper and making a decision advance Bursa to commercial production. Pursuant to the FQML Agreement, FQML has also agreed to subscribe for 15,000,000 Common Shares in the Private Placement, for a total purchase price of $1,500,000.
The FQML Agreement and the Private Placement are subject to approval by the TSX Venture Exchange.