Emu NL (EMU or the Company) is pleased to announce that it has successfully completed a $250k placement and is undertaking a fully underwritten 3:5 non-renounceable rights issues (“Rights Issue”) at $0.025 to raise up to approximately an additional $1.2 million (before costs).
Highlights
- $1.45 million total capital raising initiative comprising of:
- $250k placement to sophisticated and professional investors cum rights with all placees agreeing to participate in taking up their rights in the Rights Issue
- 3:5 Fully Underwritten, Non-Renounceable Rights Issue to raise up to $1.2 million
- Issue price for placement and Non-Renounceable Rights is $0.025
- Martin Place Securities (MPS) appointed as lead manager to placement and fully underwritten Rights Issue
- Funds to be used primarily for Fiery Creek exploration activities in North Ǫueensland
- Please visit Emu NL Investor Hub to ask direct questions and for further information: Investor Hub https://investorhub.emunl.com.au/link/lyaKKr
The funds raised will assist with further exploration within the Georgetown Project ǪLD, with a focus at the Fiery Creek Prospect, including advanced field work, geochemistry, geophysics, potentially a short maiden drilling program, and general working capital.
Mr Peter Thomas, Chairman of EMU NL commented:
“EMU is focused on accelerating exploration at our highly prospective Fiery Creek Prospect which has been identified as a potentially massive scale copper porphyry system. We are delighted to welcome Martin Place Securities onto the register and appreciate their support for EMU’s planned exploration activity with the initial placement and commitment to underwrite the non-renounceable rights issue.
The board was adamant that this capital raising initiative would be structured to reward current shareholders whilst ensuring adequate funds would be received to undertake the desired exploration program. EMU has discounted the offer from the current market share price so that shareholders will find it easier to ‘follow’ their rights and ‘top up’ their holdings further if they wish to.
EMU is poised for exploration successes in 2024. We are delighted to provide our shareholders with this opportunity at a time when the minerals we are targeting and the projects we hold, offer significant potential for price appreciation and exploration success.”
Fiery Creek Prospect
The Fiery Creek Copper Prospect within the Georgetown Project in North Ǫueensland has been identified as a potential massive scale copper porphyry system.
Fiery Creek Copper Prospect is located within the 26km2 Yataga Igneous Complex (see Figure 1). The prospect’s mineralised, hydrothermal alteration zone has been identified to extend over an area of approximately 6km in strike and up to 2km wide. The structure is characterised by multiple interleaved shear zones with quartz hosted copper vein swarms, stockwork and disseminated copper at surface with petrographical studies indicating several impulse phases of hydrothermal fluidisation. The alteration mineralogy, mineralisation geochemistry and the areal extent of Fiery Creek copper and silver rich vein system suggests the likelihood of a previously unknown sub adjacent porphyry system.
EMU has completed its initial geochemistry surveys sampling rocks, soils, termite mounds and stream sediments. Copper grades of up to 23.5% have been recorded along with 460pmm silver from rock chip samples. Mineralisation within the discovery zone at surface appears to be consistent and widespread. The current exploration activity at Fiery Creek includes further geochemistry surveying, pXRF surveys, ground and air geophysics and drone LiDAR and photogrammetry work. EMU is actively working to further investigate and build on this potentially significant copper porphyry discovery. (Refer to ASX Announcement 30 April 2024)
Click here for the full ASX Release
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