https://www.miningweekly.com
Copper|Efficiency|Exploration|Mining|PROJECT|Testing|Underground|Drilling
Copper|Efficiency|Exploration|Mining|PROJECT|Testing|Underground|Drilling
copper|efficiency|exploration|mining|project|testing|underground|drilling

Eagle Mountain raises cash for Arizona exploration

23rd November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – 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.“

Edited by Creamer Media Reporter

Comments

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.102 0.135s - 92pq - 2rq
Subscribe Now