PERTH (miningweekly.com) – ASX-listed Eagle Mountain Mining will increase as much as A$6-million in a share placement to fund exploration work at Oracle Ridge copper undertaking, in Arizona.
The corporate has acquired agency commitments for the position of some 30.3-million shares, at a worth of 16.5c every, to lift an preliminary A$5-million. Some 18.18-million of those shares might be positioned underneath Eagle Mountain’s present placement capability, whereas an additional 12.1-million shares might be issued to MD Charles Bass, topic to shareholder approval.
Along with the share placement, Eagle Mountain would additionally undertake a share buy plan to lift an additional A$1-million, on the similar worth because the share placement, permitting present shareholders to subscribe for as much as A$30 000 of further new shares within the firm.
The provide worth of 16.5c a share represented a 13.2% low cost to Eagle Mountain’s final closing worth and a 12.8% low cost to the corporate’s 5 day quantity weighted common share worth.
“We’re more than happy with the robust assist for the position which might be used to proceed to advance our Oracle Ridge undertaking by testing potential near-mine targets and upgrading the prevailing mineral useful resource. We’re near finishing the preliminary refurbishment of the underground mine to dramatically enhance drilling effectivity and an underground drill is deliberate to mobilise in early December 2022,” mentioned Eagle Mountain CEO Tim Mason.
“The mixture of the robust outlook for the copper market, the aggressive strengths of the Oracle Ridge undertaking and ongoing exploration success will place the corporate with a stable base for development in shareholder worth.“