Emperor Metals closes $11.09-million private placement

Executive Summary

• Emperor Metals Inc. completed the second and final closing of its best efforts private placement, raising approximately $1.15 million in additional gross proceeds, bringing the total aggregate gross proceeds to approximately $11.1 million.
• The company issued 5,751,669 common units at a price of $0.20 per unit, with each unit comprising one common share and one-half of a warrant exercisable at $0.35 for 24 months.
• Evanachan Ltd., controlled by Robert McEwen, acquired 750,000 units in this closing, triggering an early warning report due to its significant ownership stake in the company.

Key Details

• Total Aggregate Gross Proceeds: Approximately $11,093,333.60 across all closings.
• Second Closing Proceeds: Approximately $1,150,333.80.
• Units Issued in Second Closing: 5,751,669 common units.
• Price Per Unit: $0.20.
• Warrant Terms (Units): Each unit includes one-half of a common share purchase warrant. Each whole warrant is exercisable to acquire one common share at $0.35 per share for a period of 24 months from closing.
• Agent Option Exercise: Agents partially exercised their option for an additional 5,466,668 common units.
• Broker Warrants: Agents received 345,100 non-transferable broker warrants, exercisable at $0.20 per share for 24 months.
• Use of Proceeds: General and administrative expenses and working capital.
• Regulatory Exemption: Listed issuer financing exemption under National Instrument 45-106; no hold period applies.
• Early Warning Report (Evanachan Ltd.):
  • Acquired 750,000 common units for $150,000 (1.65% of units sold in offering).
  • Pre-closing holdings: 13 million common shares and 6.5 million warrants (~7.1% of issued/outstanding shares, ~10.2% diluted).
  • Post-closing holdings: 13.75 million shares and 6,875,000 warrants (~6.9% non-diluted, ~10.0% diluted).
  • Purpose: Long-term investment.

Notable Quotes

• None provided in the text.