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London-based exploration and resource development company, Empire Metals, has completed an agreement to sell its 50% holding in Georgian Copper & Gold JSC in an all-cash deal worth $3.3 million.
The transaction will enable Empire Metals to continue to create shareholder value trough its Eclipse and Central Menzies Gold Projects in Western Australia.
The sale agreement was announced on 26 October 2020. Empire Metals bought GMC Investments ltd. from Candelaria Mining Corporation, in a transaction paid in shares.
GMC investments Ltd. is the owner of a 50% interest in JSC Georgian Copy and Gold which holds rights to copper-gold projects in Georgia.
Mike Struthers, director of Empire Metals, said: This injection of capital will ensure we are well funded for further exploration and project development works at our Eclipse Gold Project; for the initial work programme at our Central Menzies Gold Project; and, if justified, also funded to exercise the option at Central Menzies. I and the rest of the Board look forward to supporting our new MD Shaun Bunn as we develop real value through our assets in Australia.
CMG (Caucasian Mining Group) will pay $3.3 million cash to the company for its 50% interest in JSC Georgian Copper and Gold (GCG) with completion expected on or around 14 June 2021.
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