- eMetals (EMT) shares are in the green today as it look to raise $4.3 million to purchase Salmon Gums Minerals
- Salmon Gums owns two highly prospective tenement applications in the Albany Fraser Range province of Western Australia
- Importantly, these tenements are near eMetals’ Cowlinya Rare Earth Elements Project
- Under the placement, eMetals will issue around 350 million shares at 1.25 cents per share
- On the market this afternoon, eMetals is up 46.7 per cent, trading at 2.2 cents per share
eMetals (EMT) shares are in the green today as it plans to raise $4.3 million to buy Salmon Gums Minerals.
The company has agreed to buy all the shares in Salmon Gums, which owns two highly prospective tenement applications in the Albany Fraser Range province of Western Australia.
The tenements are located about 82 kilometres east and 18 kilometres northeast of the small town of Salmon Gums.
Importantly, these tenements are near eMetals’ Cowlinya Rare Earth Elements Project.
However, the purchase is subject to a due diligence, ASX confirmation and completing the placement.
Under the placement, eMetals will issue around 350 million shares at 1.25 cents each.
Participants of the placement will also receive a one-for-one free attaching unlisted option at three cents each.
Funds from the raise will go towards progressing exploration activities and work programs on the current and acquired projects.
“The Eocene aged sediments of the onshore Eucla Basin in south-eastern Western Australia are increasingly becoming recognised for their RRE potential, in particular the more readily recoverable ionic adsorption clays which have significantly lower capital requirements and processing complexity than conventional hard rock deposits,” Director Mathew Walker said.
“We are delighted to expand our tenement position in this exciting new and developing critical mineral province.”
On the market this afternoon, eMetals was up 46.7 per cent and is trading at 2.2 cents per share at 1:02 pm AEDT.