Emerald to raise up to $30m

West Perth-based Emerald Resources has tapped investors for $27 million to fund exploration at the company’s Okvau gold project in Cambodia.

Under the placement, Emerald has issued shares at 3 cents each, representing an 11.8 per cent discount on its last closing price.

Euroz acted as lead manager and bookrunner to the placement, while Tectonic Advisory Partners acted as co-manager.

The company has also announced a share purchase plan to raise up to $3 million on the same terms as the placement.

Managing director Morgan Hart said the proceeds would be used to begin development activities at Okvau.

“Despite the challenging short-term market environment, we are delighted with the support received from our current and new institutional shareholders,” he said.

“The support demonstrates the robust nature of the Okvau gold project and the support for the company’s strategy of becoming the first modern large-scale Cambodian gold producer.”

Shares in Emerald finished down 2.94 per cent at 3.3 cents each today.