Emperor Announces Closing of Private Placement
Vancouver, B.C., June 28, 2012 - Emperor Minerals Ltd. (TSXV: EM) ("Emperor" or the "Company") is pleased to announce it has closed the non-brokered private placement as previously announced in the Company's news release dated May 8, 2012.
The non-brokered private placement consisted of 5,223,912 units (the "Units") at a price of $0.20 per Unit for gross proceeds of $1,044,782 (the "Offering"). Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.30 until June 28, 2014. If, at any time after October 29, 2012, the volume weighted average trading price of the Company's 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 that is 30 days following the date of such notice (the "Accelerated Expiry").
In connection with the Offering, the Company paid an arm's length finder a cash commission totalling $4,000 and issued to the finder 20,000 common share purchase warrants (the "Finder's Warrants"). Each Finder's Warrant entitles the holder to purchase one common share of the Company at a price of $0.30 until June 28, 2014. The Finder's Warrants are subject to the Accelerated Expiry.
The securities issued under the Offering are subject to a hold period expiring on October 29, 2012.
The net proceeds of the Offering will be used by the Company for general working capital and to fund its ongoing obligations under the Farm-In Agreement with Azure Resources Corporation in connection with the development of the Catalca Licence.
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.