First Tranche of Placement Completes
Perth, Oct 1, 2021 AEST (ABN Newswire) - Eagle Mountain Mining Limited (
ASX:EM2) (EGMMF:OTCMKTS) is pleased to confirm that the first tranche of its recently announced placement (ASX 28 September 2021) to raise $16 million before costs has settled.
The first tranche of the Placement to institutional and sophisticated investors which raised $15 million before costs through the allotment of 23,081,539 shares at 65 cents has been completed.
An entity associated with Mr Charles Bass the Company's Managing Director and major shareholder will be taking the balance of the placement, subject to shareholder approval. The Company will be circulating a Notice of Meeting for Shareholders in due course.
The first tranche of the Placement was completed pursuant to the Company's security issue capacities under Listing Rule 7.1 and 7.1A. A total of 3,767,681 Shares were issued pursuant to Listing Rule 7.1 and 19,313,858 Shares issued pursuant to Listing Rule 7.1A. Further details of the Placement are included in the Appendix 3B lodged with ASX on 28 September 2021.
In addition to the completion of the first tranche of the Placement, the Company notes that 200,000 unlisted options lapsed in accordance with their terms.
The Company would like to thank and acknowledge the strong support of its existing shareholders and welcome a number of new international and domestic institutions to its share register.
About Eagle Mountain Mining Limited
Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF), is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfield (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.
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