- Eagle Mountain Mining (EM2) has received firm commitments for a $1.8 million placement to fund planned work at the Oracle Ridge Copper Project
- A total of 12 million shares will be issued at an issue price of 15 cents
- Eagle Mountain originally targeted $1.5 million however, it was pleased with the extra $300,000
- The placement will be undertaken in two phases with the first to issue 7 million and the second phase will issue the remainign 5 million to Managing Director Charles Bass
- Eagle Mountain has ended the day unchanged with shares trading for 16 cents apiece
Eagle Mountain Mining (EM2) has received firm commitments for a placement to fund planned work at the Oracle Ridge Copper Project.
The placement to institutional and sophisticated investors will raise $1.8 million, before costs, through the issue of 12 million new shares at an issue price of 15 cents.
Eagle Mountain has targeted a placement of $1.5 million, however, was pleased to accept the extra $300,000 received.
Peloton Capital acted as Lead Manager to the placement.
The placement will take place in two phases with the allotment of 7 million shares in the first phase.
Managing Director and major shareholder Charles Bass has indicated that he will participate in the placement, taking the remaining 5 million shares. However, this is subject to shareholder approval.
The funds will be primarily used to assess the potential for mineral resource extensions and new discoveries both within and around the Oracle Ridge Copper Project.
These activities include airborne geophysics, resource modelling and hyperspectral surveys.
Following these activities, drill targets are planned to be defined.
The funds are also intended to be used for further surface mapping at Eagle Mountain’s Silver Mountain project, maintenance costs at Oracle Ridge, and general corporate costs.
“We are very pleased with the support shown from investors for this fund raise and are looking forward to expediting our exploration and evaluation planes at the Oracle Ridge Copper Project,” CEP Tim Mason commented.
Eagle Mountain has ended the day unchanged with shares trading for 16 cents apiece in a $16.62 million market cap.