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- Emmerson Resources (ERM) has entered a double trading halt ahead of an upcoming capital raise
- It is unknown how much the company is raising but it will be for its Tennant Creek Project in the Northern Territory
- Company shares will be paused until Monday (November 16) or when more details about the raise are released to the market
- Yesterday, Emmerson terminated an exploration earn-in and joint venture agreement with TRL Tennant Creek over the Southern Project Area (SPA) at Tennant Creek
- The termination comes as the company wants a clear path to deliver its royalty business model and speed up exploration
- On the market, Emmerson last traded for 7.9 cents per share on November 9
Emmerson Resources (ERM) has entered a double trading halt ahead of an upcoming capital raise.
While the company has not mentioned how much it is aiming to raise, it has said the funds will be used for a “material transformation” at its Tennant Creek project in the Northern Territory.
Company shares will be paused until Monday, November 16, or when more details about the raise are released to the market.
Just yesterday, Emmerson terminated an exploration earn-in and joint venture agreement with TRL Tennant Creek over the Southern Project Area (SPA) at Tennant Creek.
The company says the termination comes as it wants a clear path to deliver its royalty business model and speed up exploration to build a high-grade gold pipeline.
The termination will also render the Small Mines Joint Venture with TRL inoperative.
Emmerson now owns 100 per cent of the SPA, which hosts the Eldorado, Susan, Black Snake, TC8, Malbec West and Chariot projects.
Additionally, the company owns the Northern Project Area, which hosts the Jasper Hills, Golden Snipper, Edna Beryl and recently discovered Mauretania Project, where drilling is scheduled to commence later this month.
On the market, Emmerson last traded for 7.9 cents per share on November 9.
