Copper, uranium explorers raise $23m

Western Australia’s Eagle Mountain Mining and 92 Energy have each announced capital raisings and will use the proceeds to explore their North American projects.

Today, Eagle Mountain said it would use some of the proceeds from a $16 million share placement to continue drilling targets within its Oracle Ridge copper project in Arizona, with a view to expand its mineral resource.

Managing director Charlie Bass intends to invest $1 million, as part of the raising.

Chief executive Tim Mason said the placement was well supported and oversubscribed.

“We are delighted at the level of support received from prominent institutional and sophisticated investors as well as welcoming new shareholders to the Eagle Mountain share register,” Mr Mason said in an ASX announcement.

“We would like to thank shareholders for their continued support in the placement.”

Nedlands-based Eagle Mountain will also use some of the proceeds to undertake minor exploration work on its Silver Mountain project, also located in Arizona, and to fund the potential acquisition of prospective landholdings in the state.

About 24.6 million shares will be issued through the placement at 65 cents each, representing almost a 10 per cent discount to Eagle Mountain’s last closing price of 72 cents.

Canaccord Genuity and PAC Partners are acting as joint lead managers to the raising, expected to settle on September 30.

Eagle Mountain’s shares closed at 72 cents on Tuesday.

Separately, uranium explorer 92 Energy is raising $7.15 million from a share placement to explore its projects in Canada’s Athabasca Basin.

That includes its Gemini asset, where the company recently discovered uranium mineralisation.

Managing director Siobhan Lancaster said support for the placement validated the recent discovery, noting the upcoming drilling program would help determine the extent of mineralisation.

Almost 10 million shares will be issued through the placement at 72 cents each, representing a 6 per cent discount to 92 Energy’s last closing price of 76.5 cents.

Canaccord Genuity is acting as lead manager and bookrunner to the raising.

Perth-based 92 Energy emerged from a trading halt this morning, with its shares closing down 4.6 per cent to trade at 73 cents.