Eagle Mountain Mining Limited (ASX:EM2) (“Eagle Mountain” or “the Company”) is pleased to confirm that the Renounceable Entitlement Offer pursuant to the prospectus lodged with ASIC and ASX on 29 January 2024 (Prospectus) closed on 15 March 2024.
The total amount raised under the Entitlement Offer was $4,180,095 which will enable the Company to:
- Undertake field exploration activities at both the Oracle Ridge and Silver Mountain Projects. The field exploration activities will predominantly focus on Silver Mountain following the recent discovery of significant uranium, thorium and rare earths. Refer ASX announcements 29 February 2024 and 13 March 2024.
- Undertake a scoping study to assess the technical and financial development for Oracle Ridge. The study will consider a simplified processing flowsheet that avoids smelting and refining beyond the mine gate.
- Assess the use of an ambient noise tomography (geophysical) survey at both Silver Mountain and Oracle Ridge projects.
Commenting on the results of the Entitlement Offer, Eagle Mountain Mining’s CEO, Tim Mason, said: “The Board and I are very pleased with the strong support received for the entitlement offer. The funds raised will allow us to undertake exciting exploration activities at Silver Mountain, following the recent discoveries of uranium, thorium and rare earths. The discoveries are indicative of a ‘heat engine’ driving mineralisation and alteration evident on surface. In addition, the funds raised will enable a Scoping Study to be completed on the development of Oracle Ridge which is due for completion in the September quarter of 2024.
I wish to thank our loyal shareholders who continue to support Eagle Mountains activities. In particular, the Board and I wish to thank Charlie Bass, our Managing Director, who continues to show his unwavering financial support for the Company with the subscription for $1.25 million through the partial underwriting of the offer.”
About us:
Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Project and the highly prospective greenfields Silver Mountain Project, both located in Arizona, USA. Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au