- Copper and gold explorer Eagle Mountain Mining (EM2) has raised $1.5 million through a placement
- A total of five million shares were issued to institutional and professional investors at 30 cents each
- EM2 also received support from major shareholder, Silver Mountain Mining Nominee, who exercised 4.5 million options early to raise a separate $1.35 million
- The money will go towards further diamond drilling at its 80 per cent-owned Oracle Ridge Copper Mine in Arizona
- Company shares ended the day trading 4.88 per cent higher for 43 cents
Copper and gold explorer Eagle Mountain Mining (EM2) has raised $1.5 million through a placement.
The company has issued five million fully paid ordinary shares to institutional and professional investors at 30 cents each.
The placement was announced earlier this month and generated strong support from new Australian and European institutional investors.
At the same time, the miner announced major shareholder, Silver Mountain Mining Nominee, exercised its options early. A total of 4.5 million options were converted to shares which separately raised $1.35 million.
"The Board was very encouraged by the strong support shown for the Placement and very pleased with the efforts of our Joint Lead Managers PAC Partners and Taylor Collison," CEO Tim Mason said.
"These funds are now earmarked to support the recently extended diamond drilling program and support fieldwork to further test the new near-mine opportunities identified and recently announced to the market," Tim added.
Specifically, EM2 will primarily put the funds towards more drilling at its 80 per cent-owned high-grade Oracle Ridge Copper Mine in Arizona.
The completion of the raise marks the EM2's second piece of positive news this week after it announced staking 105 new claims surrounding the Oracle Ridge Copper Mine Project. The bring potential to extend the Oracle Ridge skarn mineralisation by three kilometres.
Company shares ended the day trading 4.88 per cent higher for 43 cents.