PERTH (miningweekly.com) – ASX-listed Eagle Mountain Mining has received firm commitments for an A$11-million capital raise to accelerate work at the Oracle Ridge copper project, in Arizona.
Institutional and sophisticated investors would subscribe for more than 31.4-million shares in Eagle Mountain, priced at 35c each, with the placement to be settled in two tranches.
The first 25.7-million shares will be placed under the company’s existing capacity, and would raise an initial A$9-million, while the second tranche of 5.7-million shares, to be taken up by an entity associated with MD Charles Bass, would be subject to shareholder approval.
“We are delighted to welcome several new, prominent institutional and sophisticated investors to the Eagle Mountain share register, and would like to thank existing shareholders for their continued support in the placement,” said CEO Tim Mason.
“The placement was very well received with strong demand exceeding the funds ultimately being sought by the company by several times, despite being at no discount to the last traded price. This is a testament to the quality of the Oracle Ridge project and the potential for near-mine areas to host further mineralisation.”
Funds raised will be used to continue diamond drilling at Oracle Ridge, and to transition the company towards feasibility studies.