- Eagle Mountain Mining (EM2) has flagged plans to raise more capital
- The company placed its shares in a trading halt today as it gears up to announce more information
- The exploration company plans to release the details of the raise by October 6 at the latest, the last day the trading halt will be in effect
- A look at Eagle Mountain’s finances shows the company recorded a $4.2 million loss for FY20
- It also ended June 30, 2020, with just over $500,000 worth of cash in the bank, well down on the $1.88 million it had at the end of FY19
- Before today’s trading halt, shares in EM2 were trading for 34.5 cents
Copper and gold explorer Eagle Mountain Mining (EM2) has flagged plans to raise more capital.
The exploration company placed its shares in a trading halt before market-open today, as it gears up to announce a capital raise.
Eagle Mountain plans to release the details of the raise by October 6 at the latest, the last day the trading halt will be in effect.
A quick look at at the explorer’s finances shows today’s capital raise may not come as a surprise to some shareholders; the company ended FY20 with only $507,000 in the bank.
That figure is well down on the $1.88 million in reserves Eagle Mountain had at the end of FY19.
Additionally, the exploration company recorded a $4.27 million loss for the 12 months to June 30, 2020.
It also entered FY21 cashflow negative, after tabling a $3.88 million cash burn on its operating balance sheet, with the majority of the spend covering exploration and evaluation costs.
Before the trading halt came into effect this morning, shares in Eagle Mountain Mining were trading for 34.5 cents each on October 1.