Emperor Minerals announces Non-Brokered Private Placement and Appointment of Mark Bloom to the Board of Directors
Vancouver, B.C., May 8, 2012 - Emperor Minerals Ltd. (TSXV: EM) (“Emperor” or the “Company”) is proposing a non-brokered private placement of up to 10,000,000 units (the “Units”) at a price of $0.20 per Unit for gross proceeds of up to $2,000,000 (the “Offering”). Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.30 for a period of two years from the closing of the Offering. If the volume weighted average trading price of the common shares on the TSX Venture Exchange (the “Exchange”) exceeds $0.60 for a period of 10 consecutive trading days, the Company may, within 5 days after such an event, provide notice to the Warrant holders of early expiry and thereafter, the Warrants will expire on the date which is 30 days after the date of such notice.
The Units will be made available by way of private placement exemption to accredited investors (as such term is defined in National Instrument 45-106 – Prospectus and Registration Exemptions) in Canada and to certain other qualified investors as the Company may agree.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation. The Company may pay a finder’s fee on the Offering in cash, common shares, Warrants, or a combination thereof, in the maximum amount permitted by the policies of the Exchange.
The net proceeds from the Offering will be used by the Company to fund its obligations under the Farm-In Agreement with Azure Resources Corporation (“Azure”) with respect to the Catalca Licence (see news release dated February 13, 2012). These funds will be used by Azure, in conjunction with its Turkish operating partner, to commence a two-staged drilling program for two new wells on the Catalca Licence that target expected natural gas production in two formations identified using 2D seismic infill data. The remaining funds will be used for general working capital and to evaluate projects in Sudan and Angola; significant opportunities which the Company is currently considering.
Appointment of Mark Bloom
The Company is also pleased to announce the appointment of Mark Bloom to the board of directors of the Company. In connection with Mr. Bloom’s appointment, Dr. Donald Pepper has resigned as a director of the Company.
Mr. Bloom is a successful international financier and serial entrepreneur who founded and ran several companies in Europe and Asia. With over 17 years experience in the financial markets, he is considered an expert and specialist in alternative investment strategies, hedge funds, commodities markets, CTAs and global investments. Mr. Bloom was one of the founding partners of FX Asia Securities, one of Japan's leading Forex and Securities companies which was later sold to Man Financial Group.
He is the founder of a number of asset management businesses, where he specializes in mergers and acquisitions ("M&A;") consulting, capital raising for private companies, alternative investments, and financial product structuring. He has successfully raised and managed over US$500 million from clients across the Asia region.
A fluent speaker of Japanese, Mr. Bloom has authored several books on hedge funds and finance in Japan, and remains a popular speaker there. Mr. Bloom has been actively involved in the mining industry for the past 7 years, where he has assisted companies with capital raising, M&A; advising, and structuring. He runs a popular commodities online newsletter and publishes articles in several Japanese publications. He currently is a director of a number of resource companies including Andover Ventures Inc. and Arriba Resources Inc.
Mr. Bloom received a Bachelor of Arts (Honours) in Business Studies and Economics from Greenwich University in England, and a Research Masters in Economics from Tokyo University.
Granting of Options
The Company also announces that it has granted to directors and officers of the Company, stock options (the “Options”) to purchase a total of 4,000,000 common shares at a price of $0.22 per common share. The Options are exercisable for a period of 5 years and have been granted in accordance with the terms of the Company’s current stock option plan.
About Emperor Minerals Ltd.
Emperor is an international oil and gas company with a late stage exploration and near term production project in Turkey. The Company is directed by an experienced group of business professionals who have leveraged their contacts within the global community to identify significant land parcels and strategic partnerships within regions of influence. The Company’s management team boasts a keen understanding of oil and gas exploration, production procedures and market strategies. Management is focused on growing the Company through near term production and an acquisition strategy in Turkey and North Africa.
For further information please contact Wanda Cutler, investor relations for the Company, at (416) 303-6460 or wanda@cutlermccarthy.com.
ON BEHALF OF THE BOARD
“Andrew McCarthy”
Andrew McCarthy
President and Chief Executive Officer
www.emperorminerals.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.