19/11/2012 - 16:00

EMA to raise $4m for Mulga Rocks

19/11/2012 - 16:00

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EMA to raise $4m for Mulga Rocks

Uranium junior Energy and Minerals Australia has completed a $4.12 million capital raising to continue development at its Mulga Rocks deposit in the north-east Goldfields.

EMA announced today it had arranged a convertible note facility with resources investment houses Acorn Capital, Macquarie Bank and the Element Resources Fund.

The company said the funds would be used to complete a JORC resource calculation for the project’s Princess deposit, continue development test work and prepare for a prefeasibility study.

“Importantly one of our major shareholders Acorn Capital and noteholders Acorn Capital and Macquarie Bank have once again reaffirmed their support for the company, and they, like us, look forward to the advancement of the company and the Mulga Rocks project,” executive director Shane McBride said.

The Mulga Rocks deposit contains WA’s third largest uranium resource of 60 million points (27,100 tonnes).

At close of trade today, EMA’s stock was up 1.6 per cent, trading at 6.3 cents.

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