Emmerson Resources
Emmerson Resources (ASX:ERM) is targeting copper and gold in Australia and holds 2,500km2 of ground in the Tennant Creek Mineral Field and owns the only gold mill in the region.
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Emmerson Resources launches $1 million SPP as part of $4.575 million capital raising to accelerate NSW exploration
Emmerson Resources Ltd (ASX:ERM) has launched a share purchase plan (SPP) to raise $1 million as part of its $4.575 million capital raising with funds to advance its gold strategy.
The SPP will supplement the company's oversubscribed placement which raised $3.575 million and SPP to raise $1 million.
Funds raised will primarily be used to accelerate exploration across Emmerson's suite of highly prospective gold and gold-copper projects in the Lachlan Fold Belt of NSW which has been attracting strong attention.
Other funds will be allocated to support the emerging gold royalty business in Tennant Creek and to evaluate new opportunities under the strategic alliance with Longreach Minerals Exploration.
SPP offer
The SPP allows eligible shareholders to apply for a maximum of $30,000 worth of shares at an issue price of 10 cents per share, together with one SPP Option for every one SPP Share subscribed for and issued.
This represents a 13.7% discount to the VWAP for shares calculated over the last five days on which sales of the shares were recorded before the date of announcement of the SPP.
Shareholders are eligible to participate in the SPP if they had a registered address in Australia or New Zealand on Emmerson's register at 7.00pm (Perth time) on Wednesday, July 1.
The purpose of the SPP is to allow eligible shareholders the right to participate on equal terms as participants in the placement component of the capital raising.
Emmerson reserves the right to accept oversubscriptions under the SPP offer.
Other Emmerson Resources news
- Emmerson Resources targeting high-grade gold deposits in upcoming drilling at Tennant Creek's Northern Project Area
2020-09-07 - Emmerson Resources halted ahead of Tennant Creek Gold-Copper Project news
2020-04-24 - Emmerson Resources advances emerging revenue stream from Tennant Creek gold royalties
2020-04-21 - Emmerson Resources implements cost-saving measures in response to COVID-19
2020-04-07 - Emmerson Resources retains speculative buy recommendation from Hartleys
2020-02-07
