First Quantum Minerals (TSX: T.FM, Stock Forum) late Thursday said it has acquired ownership of a total of 15 million common shares of Empire Mining (TSX: V.EPC, Stock Forum) by way of a private placement.
The private placement was completed at a price of 10 cents per common share, for a total purchase price of $1.5 million, and gives First Quantum a 19.2% ownership interest in Empire Mining.
On August 20, Empire announced that First Quantum was granted an option to acquire a 51% interest in Empire's Bursa Licenses, which cover the Demirtepe skarn and Karapinar copper porphyry projects in western Turkey, by making a payment to Empire of $1.5 million and completing staged exploration expenditures of $8.5 million within three years.