Join our daily newsletter At The Bell to receive exclusive market insights
- Eagle Mountain Mining (EM2) has entered a trading halt, pending the release of a capital raise announcement
- The halt was requested today and will be lifted once the capital raise has been announced, or by July 21
- At this stage, it’s not known how the equity will be raised, or how much the exploration company aims to raise
- However, more recently, the company defined an exploration target at its Oracle Ridge mine in Arizona, with drill targets to soon be announced
- This is also the second capital raise announced by the gold and copper explorer this year
- Shares in Eagles Mountain Mining last traded for 14 cents each
Gold and copper explorer Eagle Mountain Mining (EM2) will soon announce a new capital raise after entering a trading halt.
The company requested the ASX place its securities in a halt today, with the trading halt to be lifted once an announcement is made, or by July 21.
At this stage, it’s not known how the equity will be raised, or how much the exploration company is aiming to raise.
This is the second time this year Eagle Mountain has undertaken a capital raise.
More recently, the company defined another exploration target at its Oracle Ridge mine.
Located in Arizona, in the U.S., the underground copper, gold and silver project is 80 per cent owned by Eagle Mountain.
The project includes a resource of 11.7 million tonnes at 1.57 per cent copper, 17.47 grammes per tonne of silver, and 0.18 grammes per tonne of gold, at a one per cent copper cutoff.
Drill targets and a drilling program for the project are expected to be developed by the end of this year.
Before today’s trading halt, shares in Eagle Mountain Mining last traded for 14 cents per share on July 16.
