Emu NL (ASX: EMU or the Company) has agreed to place up to 61M fully paid ordinary shares (New Shares) at $0.025 per share to sophisticated and professional investors to raise up to $1.525K.
The placement will be effected in two tranches with 21M shares to be issued forthwith under the Company’s current ASX Listing Rule 7.1 and 7.1A capacities. The second tranche will be issued subject to and upon shareholder approval being obtained at the Company’s Annual General Meeting.
Applicants for New Shares will be issued one (1) free option for every two New Shares. These free options will be issued subject to and upon shareholder approval being obtained. Each option will be exercisable at ten cents ($0.10) on or before 31 October 2026.
Funding from the placement will be applied to exploration within the Georgetown Project ǪLD and general working capital. That exploration will include advanced field work, geochemistry and geophysics directed at positioning the Company to commence drilling early 2025.
The New Shares will be listed on ASX and will rank equally with the existing fully paid ordinary shares currently quoted as ASX:EMU.
Click here for the full ASX Release
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