Total
0
Shares
eMetals (ASX:EMT) - Director, Mathew Walker
Director, Mathew Walker
Source: eMetals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • eMetals (EMT) shares are in the green today as it look to raise $4.3 million to purchase Salmon Gums Minerals
  • Salmon Gums owns two highly prospective tenement applications in the Albany Fraser Range province of Western Australia
  • Importantly, these tenements are near eMetals’ Cowlinya Rare Earth Elements Project
  • Under the placement, eMetals will issue around 350 million shares at 1.25 cents per share
  • On the market this afternoon, eMetals is up 46.7 per cent, trading at 2.2 cents per share

eMetals (EMT) shares are in the green today as it plans to raise $4.3 million to buy Salmon Gums Minerals.

The company has agreed to buy all the shares in Salmon Gums, which owns two highly prospective tenement applications in the Albany Fraser Range province of Western Australia.

The tenements are located about 82 kilometres east and 18 kilometres northeast of the small town of Salmon Gums.

Importantly, these tenements are near eMetals’ Cowlinya Rare Earth Elements Project.

However, the purchase is subject to a due diligence, ASX confirmation and completing the placement.

Under the placement, eMetals will issue around 350 million shares at 1.25 cents each.

Participants of the placement will also receive a one-for-one free attaching unlisted option at three cents each.

Funds from the raise will go towards progressing exploration activities and work programs on the current and acquired projects.

“The Eocene aged sediments of the onshore Eucla Basin in south-eastern Western Australia are increasingly becoming recognised for their RRE potential, in particular the more readily recoverable ionic adsorption clays which have significantly lower capital requirements and processing complexity than conventional hard rock deposits,” Director Mathew Walker said.

“We are delighted to expand our tenement position in this exciting new and developing critical mineral province.”

On the market this afternoon, eMetals was up 46.7 per cent and is trading at 2.2 cents per share at 1:02 pm AEDT.

EMT by the numbers
More From The Market Herald

" Godolphin (ASX:GRL) shares spike on restart of Gundagai drilling

Following delays due to bad weather, Godolphin (GRL) has recommenced drilling at its Gundagai North and South projects in the Lachlan Ford Belt
XAM

" Xanadu Mines (ASX:XAM) updates Kharmagtai resource to 1.1 Billion Tonnes

Xanadu Mines (XAM) has updated its copper-gold resource estimate at the Mongolian-based Kharmagtai mine to 1.1 billion tonnes.
Nickel Mines (ASX:NIC) Managing Director, Justin Werner

" Nickel Mines (ASX:NIC) proceeds with nickel project acquisition

Nickel Mines (NIC) and Shanghai Decent Investment Group have chosen to proceed with the acquisition of a nickel project in Indonesia.
Zeus Resources (ASX:ZEU) - Non Executive Director, Colin Mackay

" Secretive online stock promoter joins board of suspended uranium miner Zeus Resources (ASX:ZEU)

Embattled uranium explorer Zeus Resources (ZEU) has appointed the founder of a secretive online network of investors as its newest board member.