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ASX-listed Eagle Mountain Mining will raise up to A$6-million in a share placement to fund exploration work at Oracle Ridge copper project, in Arizona.

The company has received firm commitments for the placement of 30.3-million shares, at a price of 16.5c each, to raise an initial A$5-million. Some 18.18-million of these shares will be placed under Eagle Mountain’s existing placement capacity, while a further 12.1-million shares will be issued to MD Charles Bass, subject to shareholder approval.

In addition to the share placement, Eagle Mountain would also undertake a share purchase plan to raise a further A$1-million, at the same price as the share placement, allowing existing shareholders to subscribe for up to A$30 000 of additional new shares in the company.

The offer price of 16.5c a share represented a 13.2% discount to Eagle Mountain’s last closing price and a 12.8% discount to the company’s five day volume weighted average share price.

“We are very pleased with the strong support for the placement which will be used to continue to advance our Oracle Ridge project by testing prospective near-mine targets and upgrading the existing mineral resource. We are close to completing the initial refurbishment of the underground mine to dramatically improve drilling efficiency and an underground drill is planned to mobilise in early December 2022,” said Eagle Mountain CEO Tim Mason.

“The combination of the strong outlook for the copper market, the competitive strengths of the Oracle Ridge project and ongoing exploration success will position the company with a solid base for growth in shareholder value.“