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    EM2   AU0000000366

EAGLE MOUNTAIN MINING LIMITED

(EM2)
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Eagle Mountain Mining Limited (ASX:EM2) Successful Placement to Raise $16 million Underpins Momentum at Oracle Ridge Copper Mine

09/28/2021 | 04:51pm EST

Successful Placement to Raise $16 million Underpins Momentum at Oracle Ridge Copper Mine

Perth, Australia (ABN Newswire) - Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF) is pleased to announce it has received firm commitments for $16 million through the issue of 24,615,385 fully paid ordinary shares to institutional investors ("Placement") at $0.65 per share ("Offer Price"). The Offer Price represents a 9.7% discount to the last close price of $0.72 per share and a 10.1% discount to the 5-day VWAP of $0.723 per share.

Highlights

- Eagle Mountain Mining has received firm commitments for $16 million via a well-supported placement

- Proceeds will be used to continue diamond drilling activities for high priority targets at The Talon and Golden Eagle as the Company aims to expand and upgrade existing JORC resources at Oracle Ridge

- Managing Director, Charles Bass, to invest $1 million, subject to shareholder approval

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.

Commenting on the successful capital raise, Eagle Mountain's CEO, Tim Mason said:

"We are delighted with the level of support received from prominent institutional and sophisticated investors as well as welcoming new shareholders to the Eagle Mountain share register. We would like to thank existing shareholders for their continued support in the Placement. In particular, I wish to thank our Managing Director, Charlie Bass, who continues to financially support the Company, testament to his ongoing confidence in the Oracle Ridge Project. The Placement was very well supported with demand significantly exceeding the funds being sought."

Use of Funds

The Company intends to use the funds raised from the Placement for the following purposes:

- Continue diamond drilling at Oracle Ridge with the aim of:
o Expanding the current resource base
o Drilling high priority targets at the Talon and Golden Eagle
o Drilling further resource upgrade holes to identify thicker zones of mineralisation

- Potential acquisition of prospective landholdings in Arizona

- Minor exploration work on the Silver Mountain project

- General working capital purposes.

Placement Details

The Company has received binding commitments from institutional and sophisticated investors to raise $16 million through the issue of 24,615,385 fully paid ordinary shares at an issue price of $0.65 per share. The Placement shares will be issued under the Company's available placement capacity in accordance with Listing Rules 7.1 and 7.1A and will be completed in two tranches.

The First Tranche of 23,076,923 shares to raise $15 million, will be issued as follows; 3,763,065 shares under the Company's existing 15% placement capacity in accordance with Listing Rule 7.1 and 19,313,858 shares under the Company's existing 10% placement capacity in accordance with Listing Rule 7.1A.

Managing Director, Mr Charles Bass, intends to subscribe for the balance of the Placement (the Second Tranche) being 1,538,462 shares for $1 million, subject to shareholder approval at a forthcoming General Meeting.

The Placement is expected to settle on Thursday 30 September 2021, with the issue and trading of new shares expected to commence on Friday 1 October 2021.

Canaccord Genuity (Australia) Limited and PAC Partners Securities Pty Ltd acted as Joint Lead Managers to the Placement.



About Eagle Mountain Mining Ltd:

Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF), is a copper focused exploration and development Company with a key objective of becoming a low emission producer at its high-grade Oracle Ridge project in Arizona, USA, to supply the rapidly growing green energy market.

Eagle Mountain Mining's main focus in the Oracle Ridge Copper Project, a high grade, advanced stage underground copper/gold/silver project, with a Large copper JORC Resource of 12.2Mt at 1.51% Cu for 184 kt Contained Copper.



Source:
Eagle Mountain Mining Ltd



Contact:

Tim Mason 
BEng, MBA, GAICD 
Chief Executive Officer 
tim@eaglemountain.com.au

Mark Pitts 
B.Bus, FCA, GAICD 
Company Secretary 
mark@eaglemountain.com.au
 

ę ABN Newswire 2021
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Financials
Sales 2021 0,05 M 0,03 M 0,03 M
Net income 2021 -19,2 M -13,7 M -13,7 M
Net Debt 2021 3,78 M 2,69 M 2,69 M
P/E ratio 2021 -8,28x
Yield 2021 -
Capitalization 114 M 80,9 M 80,9 M
EV / Sales 2020 584x
EV / Sales 2021 4 564x
Nbr of Employees -
Free-Float 68,5%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 0,50 AUD
Average target price 1,58 AUD
Spread / Average Target 219%
Managers and Directors
Tim Mason Chief Executive Officer
Rick Wayne Crabb Non-Executive Chairman
Roger Maitland Port Independent Non-Executive Director
Charles Bennett Bass Director & Managing Director
Mark Edward Pitts Secretary
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