Eagle Mountain Mining (ASX:EM2) Raises $1.62M in Entitlement Offer
Entitlement Offer Results
Eagle Mountain Mining Limited (ASX: EM2) closed its Renounceable Entitlement Offer on 7 February 2025, raising $1,620,690 from applications.
Use of Funds
The funds will support exploration activities for copper and base metals at the Silver Mountain Project, review targets at the Wedgetail Project, including evaluating the commercial viability of selling existing tailings material, and review new projects.
Underwriting Commitments
The Offer was underwritten to $5,769,472 or 721,183,997 shares or approximately 90% of the Offer. The underwritten shortfall of $4,148,781 will be placed according to the underwriting agreement.
Executive Comments
CEO Tim Mason stated, “The Board and I are very pleased with the support from existing shareholders in what is a very difficult market for junior explorers. The Board and management are looking forward to progressing our projects. The Board are working with the underwriter to finalise allocations.”
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