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.