|March 04, 2011|
Empire Mining Corporation Completes Private Placement
Vancouver, B.C., March 4, 2011. Empire Mining Corporation (EPC: TSX-V
") is pleased to announce that it has closed its previously-announced non-brokered private placement of 9,000,000 common shares at a price of $0.45 per share, for total gross proceeds of $4,050,000. Empire has also issued an aggregate total of $27,828 cash and 419,156 common shares in connection with finders' fees payable under the private placement. The proceeds of the private placement will be used for drilling at Empire's Bursa Project and for general working capital purposes. All securities issued under the private placement are subject to a four-month hold period expiring on July 3, 2011, and additional hold periods applicable to certain US-based subscribers.
ON BEHALF OF THE BOARD
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting Empire's use of proceeds of the private placement. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the availability of qualified workers; risks associated with exploration projects; dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general business and economic conditions; the timing and receipt of required approvals; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.
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