Eagle Mountain Mining Limited announced a private placement of 24,615,385 fully paid ordinary shares at an issue price of AUD 0.65 per share for gross proceeds of AUD 16 million on September 28, 2021. The transaction will include participation from its existing shareholders and welcome a number of new international and domestic institutions. The company will receive its first tranche by issuing 23,076,923 shares for gross proceeds of AUD 15 million, The shares will be issued as 3,763,065 shares under the companys existing 15% placement capacity in accordance with Listing Rule 7.1 and 19,313,858 shares under the Companys existing 10% placement capacity in accordance with Listing Rule 7.1A. The second tranche will be subscribed by Charles Bass by receiving 1,538,462 shares for $1 million, subject to shareholder approval at a forthcoming General Meeting. The transaction is expected to close on September 30, 2021.