Eagle Mountain raises funds for US exploration
PERTH (miningweekly.com) – Copper/gold explorer Eagle Mountain Mining is hoping to raise A$16-million through a share issue to fund exploration work at its Oracle Ridge copper mine, in Arizona.
The ASX-listed company told shareholders it had received firm commitments for the placement of 35.5-million shares, at a price of 45c each.
Some 33.33-million of these shares would be issued under the company’s existing placement capacity, while MD Charles Bass will subscribe for a further 2.22-million shares, subject to shareholder approval.
Eagle Mountain CEO Tim Mason said on Thursday that the company was pleased with the strong support that the equity raise had received, in particular from existing major institutional shareholders.
“This fund-raise will allow us to continue to expand and upgrade the high-grade mineral resources at Oracle Ridge and pave the way for a preliminary feasibility study to commence in 2023. As part of our development pathway, we are refurbishing the underground mine to dramatically improve drilling efficiency and allow for the potential development of an exploration drive which could later be used as an access for mining purposes.
“The combination of the strong outlook for the copper market, the competitive strength of the Oracle Ridge project and ongoing exploration success positions the company with a solid base for growth in shareholder value,” he added.
Oracle Ridge currently has a Joint Ore Reserves Committee-compliant copper resource of 12.2-million tonnes, grading 1.51% copper for 184 000 t of contained copper.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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