Eagle Mountain Mining Limited (ASX:EM2) has announced it has received firm commitments to raise $1.66 million through a placement of 183,900,000 ordinary shares at $0.009 per share. Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Wedgetail and Silver Mountain Projects, both located in Arizona, USA. The placement was strongly supported by existing and new sophisticated investors and includes one free attaching option for every three new shares allotted.
In addition to the placement, Eagle Mountain plans to undertake a non-renounceable entitlement issue to raise approximately $1.9 million before costs. The offer will be based on one new fully paid ordinary share for every six shares held at the record date, also priced at $0.009 per new share. Similar to the placement, the entitlement issue will include one free unlisted attaching option for every three new shares subscribed.
The issue price of $0.009 represents a 12.5% premium to Eagle Mountain’s 10-day VWAP of $0.008 and an 11% discount to the 30-day VWAP of $0.01. New shares issued under the placement will rank equally with existing shares. Allotment and trading of the new shares from the placement is expected to commence on Thursday, 20 November 2025. Shareholders in Australia, New Zealand, Malaysia, Singapore and the United Kingdom are eligible to participate in the Entitlement Issue.
The funds raised from both the placement and the entitlement issue will be allocated towards exploration at the Silver Mountain Project ($0.6 million), business development and new opportunities ($1.3 million), general working capital ($1.5 million), and the costs of the offer ($0.2 million). The entitlement issue is expected to close on Wednesday, 17 December 2025, with further details to be advised in due course.
