VANCOUVER, BRITISH COLUMBIA, Dec. 22, 2010 - Empire Mining Corporation ("Empire") is pleased to announce the closing of the royalty and share sale first announced May 25th, 2010 and updated November 5th, 2010, respecting its Bulqiza chromite project in Albania.
The royalty sale represents the sale to Anglo Pacific Group PLC ("APG") of a 3% gross royalty (net of transportation costs and state royalties) over product mined from Empire's Bulqiza chromite project. In conjunction with the royalty sale, the Company has also completed the sale to APG of 6,700,000 shares of Empire through a private placement financing. Net proceeds from the private placement and royalty sale total CAN$4,105,000, of which $3,100,000 must be used by Empire to develop the Bulqiza project. There are no finders' fees or commissions payable in connection with the transactions, and the Empire shares sold to APG are subject to a four-month hold period expiring April 21, 2010.
The royalty sale represents the sale to Anglo Pacific Group PLC ("APG") of a 3% gross royalty (net of transportation costs and state royalties) over product mined from Empire's Bulqiza chromite project. In conjunction with the royalty sale, the Company has also completed the sale to APG of 6,700,000 shares of Empire through a private placement financing. Net proceeds from the private placement and royalty sale total CAN$4,105,000, of which $3,100,000 must be used by Empire to develop the Bulqiza project. There are no finders' fees or commissions payable in connection with the transactions, and the Empire shares sold to APG are subject to a four-month hold period expiring April 21, 2010.
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