Eagle Mountain raises funds for Arizona drilling
PERTH (miningweekly.com) – ASX-listed Eagle Mountain Mining on Tuesday reported a A$16-million capital raise to fund drilling activities at its The Talon and Golden Eagle copper deposits, at its greater Oracle Ridge project in Arizona.
The company has received binding commitments from institutional and sophisticated investors for the placement of more than 24.6-million shares, priced at 65c each, to raise A$16-million.
More than 23-million of the shares would be placed under the company’s existing placement capacity, raising an initial A$15-million, while MD Charles Bass will subscribe for A$1-million of the shares on issue, subject to shareholder approval.
“We are delighted with the level of support received from prominent institutional and sophisticated investors as well as welcoming new shareholders to the Eagle Mountain share register,” said CEO Tim Mason.
“The placement was very well supported with demand significantly exceeding the funds being sought.”
Funds raised would go towards continued diamond drilling at Oracle Ridge, with the aim of expanding the current resource base, drilling high prority targets at The Talon and Golden Eagle, and drilling further resource upgrade holes to identify thicker zones of mineralisation.
The funds would also go towards potential acquisitions of prospective landholdings in Arizona, and to fund minor exploration work on the Silver Mountain project.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation