- Emmerson Resources (ERM) and Tennant Consolidated Mining Group (TCMG) have advanced their strategic alliance through a $2 million placement
- TCMG has acquired $2 million worth of ERM shares at 13 cents each, with each share coming with a 20 cent attaching option which expires December 2025
- The placement means all of the conditions precedent to the two companies’ joint venture (JV) are now satisfied
- Emmerson and TCGM are working together to advance a number of ERM’s copper-gold assets in the Tennant Creek Mineral Field (TCMF)
- Shares in Emmerson Resources are trading at 8.9 cents, up 30.9 per cent
Emmerson Resources (ERM) and Tennant Consolidated Mining Group (TCMG) have advanced their strategic alliance through a $2 million placement.
The two companies are working together to advance a number of ERM’s copper-gold assets in the Tennant Creek Mineral Field (TCMF) in the Northern Territory.
As part of the joint venture agreement, TCMG has acquired $2 million worth of ERM shares at 13 cents each.
The shares are escrowed for 12 months and each share comes with a 20 cent attaching option which expires in December 2025.
Following the placement, Emmerson advises that all of the conditions precedent to the two companies’ joint venture (JV) are now satisfied.
“The completion of this placement is an important milestone in setting the foundation to progress our vision for reinvigorating TCMF, historically one of the highest-grade gold and copper provinces in Australia,” ERM Managing Director Rob Bills said.
“We have worked seamlessly with TCMG, to fast-track exploration and development plans and are well on the way to establishing an integrated exploration, mining and processing hub that will have flexibility in processing the gold, copper and other products such as copper, iron and cobalt,” he added.
“Our 2021 exploration program will commence shortly and consist of drilling on both JV and 100 per cent ERM projects, plus various scoping studies to advance projects to the mining schedule,” Rob commented.
Shares in Emmerson Resources have shot up following the completion of the JV conditions, trading up over 30 per cent.
ERM shares are trading at 8.9 cents, up 30.9 per cent, at 3:27 pm AEDT.