First Quantum Minerals Acquires 19.2% Ownership of Empire Mining

First Quantum Minerals (TSX:FM) announced the acquisition of 15,000,000 common share in the capital of Empire Mining Corporation via a private placement at a price of C$0.10 per share. The transaction, a total purchase price of $1,500,000 represents a 19.2% ownership stake in Empire Mining.

As quoted in the press release:

The Private Placement was completed at a price of C$0.10 per Common Share, for a total purchase price of $1,500,000. As a result of the Private Placement, First Quantum has ownership of an aggregate of 15,000,000 Common Shares, representing 19.2% of the 78,134,977 Common Shares outstanding immediately following completion of the Private Placement.

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