Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Explorers E2 Metals has issued 14,341,616 shares at 15.52 cents each to raise $2.2 million in funding for aggressive drilling in Argentina
  • The company will be exploring at its Santa Cruz tenements, where high quantities of gold and silver have previously been found
  • Most recently, the flagship Conserrat project gifted the company 11 million ounces in gold

Aussie explorers E2 Metals has secured $2.2 million in funding to accelerate drilling.

Shareholders snapped up 14,341,616 new shares for a price of 15.52 cents a piece. E2 management has pledged to use the funding for exploration at the company’s gold and silver projects in Santa Cruz, Argentina.

Company Managing Director Todd Williams says the last six months for E2 have been significant in making its operations an industry-leading standard in Argentina.

“This raising places the Company in a strong financial position to continue the systematic drill testing of the Company’s most prospective targets, including a maiden program at the Conserrat project, where recent exploration has identified a large gold and silver vein system next door to AngloGold Ashanti’s world-class Cerro Vanguardia mine,” he said.

The Conserrat deposit most recently yielded a phenomenal 11 million ounces in gold for the company.

The Santa Cruz development is majority owned by E2, marked at 80 per cent interest in ongoing operations. The tenements make up a total of 90,000 hectares.

Williams stated the upcoming exploration to be the most aggressive undertaken by the company to date.

“On behalf of the Board, we are pleased with the strong support the Company has received from this capital raising and we thank our new and existing shareholders for their continued support,” he said.

E2 management also stated in today’s media release that a portion of the raised capital will help cover ongoing company expenditure elsewhere.

Shares in E2M are trading for 20 cents today, a 5.26 per cent premium from yesterday’s 19 cent pricing. The company’s market cap is sitting at $14.51 million.

E2M by the numbers
More From The Market Herald

" Dynamic Group (ASX:DDB) secures six short term contracts worth up to $14.1m

Dynamic Group (DDB) has secured six short-term contracts through its wholly-owned subsidiaries, Orlando Drilling and Drill & Blast.
HGL (ASX:HNG) - Executive Director, Joseph Constable

" HGL (ASX:HNG) launches $15m placement

HGL (HNG) is planning to raise $15 million through a private and conditional placement.

" Parkd (ASX:PKD) shares spike following $8.2m deal for WA development

Parkd (PKD) shares spiked as an $8.2 million Heads of Agreement (HOA) was signed with Coxon Group for a four-level car park an…
YPB Group (ASX:YPB) - Executive Chairman, John Houston

" YPB Group (ASX:YPB) strikes MSA with Australian Dairy Nutritionals (ASX:AHF), settles $1.45m debt

Brand protection specialist YPB Group (YPB) has struck a three-year Master Service Agreement (MSA) for its CONNECT platform with Australian Dairy Nutritionals (AHF).