- Eagle Mountain Mining has announced $2.77 million non-renounceable entitlement offer.
- Raised funds will go towards the Silver Mountain Project in Arizona, USA.
- It is expected the Silver Mountain Project will successfully surface porphyry copper and anomalous gold and silver.
Eagle Mountain Mining has announced a $2.77 million non-renounceable entitlement offer on new shares. The shares will be issued with a free attaching option, based on one option for every two new shares gained.
The company is expected to present a prospectus on 10 May 2019 which will undertake a non-renounceable entitlement offer of 18.5 million new shares. The issuing price is set to be $0.15 and available to current shareholders with addresses in Australia, New Zealand, Switzerland and Singapore. The entitlement offer will be based on one new share for every five existing shares held.
Additionally, the company have said for every two new shares obtained during the Entitlement Offer, a free attaching offer will be issued. The attaching offer will be unlisted with a two-year term at a payment of $0.20 each.
Funds raised through the Entitlement Offer will be spent on the continued exploration of the Silver Mountain project and the evaluation of similar ventures. The Silver Mountain Project is based in Yavapai County, Arizona, USA, which is rich in copper-gold.
Eagle Mountain are currently reviewing data from their ‘Phase 1’ drilling at the Pacific Horizon Prospect, which forms part of the Silver Mountain Project. Anomalous copper, gold, silver and various base metals are prominent along the Pacific Horizon, according to Eagle Mountain.
Along the Scarlett Prospect, which also forms part of the Silver Mountain Project, drilling continues. With drilling targeting the Gold Veins and Silver Dollar Mine. Eagle Mountain have said the Scarlett Prospect is a strong provider of vein-hosted gold and porphyry copper mineralisation.
The Silver Mountain Project is located along the same geological strip as world-class porphyry copper mines, Bagdad, Miami, and BHP/Rio Tinto’s Resolution Project. Silver Mountain resides along the same Southern metallogenic belt as United Verde and Iron King mines.