- subscription for 1,538,462 ordinary shares at
A$0.13for a total consideration of A$200,000;
- the investment is a part of a of
A$3.0 millioncapital raising supported by institutional investors; and
- the intended use of funds will include a surface diamond drilling program of approximately 2,000 metres at the Eagle Mountain's high-grade
Oracle Ridge Copper Mine Project("Oracle Ridge") scheduled to commence Q3 2020, for the potential acquisition of prospective ground in the vicinity and to provide additional working capital for the company.
About Eagle Mountain Mining Limited
Eagle Mountain Mining Limited (ASX: EM2), established in 2017, is a copper-gold explorer focused on the strategic exploration and development of advanced and greenfield projects in
Oracle Ridge is a high grade, advanced stage underground copper/gold/silver project. The project includes an NI43-101 resource of 11.7mt at 1.57%Cu, 17.47g/t Ag and 0.18g/t Au. Eagle Mountain believes there is significant potential to expand the known resources through additional drilling, along with exploration at depth to define the source of the mineralisation.
Copper prices hit a two-year high of
We believe Eagle Mountain has a high-quality board and management team that have a proven track record of exploration and development success in the mining industry both in
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
The Directors of
For further information please contact:
+44 (0) 78 7958 4153
James Caithie /
+44 (0) 20 7213 0880
+44 (0) 20 7469 0936
This information is provided by RNS, the news service of the