E2 Metals raises exploration funds
PERTH (miningweekly.com) – Explorer E2 Metals will raise A$8.5-million through a share placement to fund exploration work in Argentina.
The ASX-listed company on Thursday said it had received firm commitments from institutional and sophisticated investors for the placement of 48.6-million shares, at an issue price of 17.5c each.
The placement will be undertaken in two tranches, with the first 22.5-million shares issued under the company’s existing placement capacity, while the second tranche of more than 26-million shares would be subject to shareholder approval.
Placement participants would also receive one attaching option for every two shares subscribed for, exercisable at 26c each before the end of March 2024.
“These funds will be used for drilling at Conserrat to further unlock this new and emerging gold and silver district, as well as an inaugural drill programme at the exciting El Rosillo gold project where surface work has uncovered high-grade surface mineralisation,” said E2 Metals MD Todd Williams.
“The placement strengthens the register and introduces a number of high-quality mining specialist institutional investors, validating the value inherent in the company’s projects and investment proposition of E2.”
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