ASX resource sector entrepreneur Dr Michael Ruane has lent A$1.5 million to Empire Resources for it to invest in NTM Gold, a gold explorer near Leonora in Western Australia that’s already backed by Ed Eshuys’ DGO Gold and which is currently in the process of raising funding totalling nearly $3.9 million.
Michael Quinn | 12 July 2019
Empire Resources’ investment will see it hold nearly 9% of NTM, with DGO having a stake of about 12%.
Other shareholders in NTM include Ausdrill, which prior to the raising held 8%.
Ruane gained control of Empire late last year when he forced the exit of previous directors’ Chris Banasik and Brett Fraser.
Empire’s long-standing managing director David Sargeant was replaced by Sean Richardson earlier this month.
Empire has various exploration assets in WA and said earlier this year it was assessing opportunities in the Eastern Goldfields complimentary to its existing portfolio.