ASX-listed Eagle Mountain Mining 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.