Shares in West Perth-based Emergent Resources have fallen in trading today after announcing it has received subscriptions from sophisticated and professional investors to raise $3 million.
The placement of 5,000,000 shares, which the company said will be completed shortly, will be made at a price of 60 cents per share.
The placement also includes the issue of one free attaching listed option for every two shares placed, exercisable by the payment of 20 cents each on or before 30 September 2010.
The iron ore hopeful said the funds will be used to fund its continuing development plans for its
flagship Beyondie Iron Project in the northern region of Western Australia's mid-west iron ore
precinct, and provide additional working capital.
Shares had come off four cents, or 6.25 per cent, to 60 cents at AEST1403.
Full announcement below:
PLACEMENT TO RAISE $3 Million
Emergent Resources (ASX: EMG) is pleased to announce that it has received subscriptions
from sophisticated and professional investors to raise A$3.0 million. The placement will be
completed shortly and the Company will inform the market when the placement has been
finalised. The placement has been made to clients of Casimir Capital LP and its Australian
operations Casimir Capital AP (together "Casimir").
The placement of 5,000,000 shares will be made at a price of A$0.60 per share. The placement
also includes the issue of one free attaching listed option (EMGO) for every two shares placed,
exercisable by the payment of 20 cents each on or before 30 September 2010.
The placement funds will be used to fund Emergent's continuing development plans for its
flagship Beyondie Iron Project in the northern region of Western Australia's mid-west iron ore
precinct, and provide additional working capital for the Company.
Casimir is a natural resources-focused investment banking group headquartered in
New York, with offices in Sydney and Toronto.
