• Firm commitments received for A$5 million placement
• Funds to accelerate exploration at Yuinmery and Penny's Prospect
• Director Dr. Michael Ruane to subscribe for up to A$1.5 million

Empire Resources Limited (ASX:ERL) has announced that it has received firm commitments for a two-tranche placement to raise A$5 million (before costs). The placement will involve the issue of 625,000,000 new fully paid ordinary shares at an issue price of $0.008 per share. The placement was well supported by existing and new investors. Funds raised will be used to accelerate exploration activities at the company's Yuinmery Project, further exploration of gold mineralisation at the Penny's Prospect near Kalgoorlie, and for general working capital. The placement comprises an unconditional tranche 1 of approximately 363.5 million shares, and a conditional tranche 2 of up to 261.5 million shares subject to shareholder approval. Entities controlled by Director Dr. Michael Ruane have committed to subscribe for up to A$1.5 million (approximately 187.5 million shares) as part of tranche 2, subject to shareholder approval. Dr. Ruane's interest in the company is expected to change from 38.4% to 35.97% following completion of the placement.