Emmerson raises exploration funding
PERTH (miningweekly.com) – Junior Emmerson Resources will raise A$6.5-million to accelerate exploration activities in the Northern Territory and New South Wales.
The ASX-listed company on Thursday said that it would issue 43.4-million shares, at a price of 11.5c each, to raise an initial A$5-million under its existing placement capacity.
The company will also undertake a share purchase plan, offering existing shareholders the opportunity to subscribe for $30 000 worth of new shares in the company, to raise a further A$1.5-million.
“This new funding places Emmerson in a strong position to advance our projects in the Tennant Creek mineral field and the highly prospective Macquarie Arc of New South Wales,” said MD Rob Bills.
“We are excited to continue drilling at Hermitage where we returned our strongest ever copper drill result. We are also preparing to drill Kiola, our most advanced project in NSW which shares many characteristics of the Cadia-Ridgeway and Boda projects.
“The strongly supported placement reflects investor appetite for Emmerson’s high-quality portfolio of copper, gold and cobalt opportunities and removes any future uncertainty around funding for our planned work. We believe Emmerson is well-positioned in having significant ground positions across some of Australia’s foremost exploration hotspots with Tennant Creek being one of Australia’s highest-grade gold provinces and the Macquarie Arc, in New South Wales, home of some of the largest copper/gold projects.”
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