Eclipse Metals Limited (ASX: EPM), an Australian exploration company focused on exploring for REE, cryolite, fluorite, siderite and quartz at its Ivigtût and Grønnedal prospects in South-western Greenland, has announced it has received firm commitments to raise $4 million (before costs) via a placement to institutional, professional, and sophisticated investors. Its impressive portfolio also includes assets in the Northern Territory and Queensland and is prospective for gold, platinum group metals, manganese, palladium, vanadium, and uranium mineralisation. The placement was strongly supported by both new and existing investors, indicating confidence in Eclipse’s rare earth strategy in Greenland.
The funds raised will be primarily directed towards accelerating the ongoing diamond drilling program at the Grønnedal–Ivigtût Rare Earth and Critical Minerals Project in South-West Greenland, including laboratory assays and metallurgical test work. The capital will also be used to advance environmental, social, and technical studies in preparation for development licensing. Furthermore, Eclipse intends to allocate a portion of the funds to engage U.S. advisory teams to progress NASDAQ-readiness and related governance compliance, supporting a potential dual listing on the U.S. exchange.
Under the Placement, Eclipse will issue 133,333,334 fully paid ordinary shares at an issue price of $0.03 per share, along with one attaching option for every three shares subscribed for. Each option will be exercisable at $0.05, expiring two years from the date of issue. The placement will be undertaken within the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A and will not require shareholder approval. Peak Asset Management acted as Lead Manager to the Placement.
Eclipse Metals’ Executive Chairman, Carl Popal, authorised the release of the announcement. The company believes that recent tightening of Chinese export controls on rare earths and magnet-related technologies highlights the strategic value of diversified, transparent supply from jurisdictions like Greenland and Australia, further informing Eclipse’s focus on disciplined drilling and resource work programs.
