Emu NL (EMU or the Firm) is happy to announce that it has efficiently accomplished a $250k placement and is endeavor a totally underwritten 3:5 non-renounceable rights points (“Rights Situation”) at $0.025 to boost as much as roughly an extra $1.2 million (earlier than prices).
Highlights
- $1.45 million whole capital elevating initiative comprising of:
- $250k placement to stylish {and professional} buyers cum rights with all placees agreeing to take part in taking over their rights within the Rights Situation
- 3:5 Absolutely Underwritten, Non-Renounceable Rights Situation to boost as much as $1.2 million
- Situation worth for placement and Non-Renounceable Rights is $0.025
- Martin Place Securities (MPS) appointed as lead supervisor to placement and totally underwritten Rights Situation
- Funds for use primarily for Fiery Creek exploration actions in North Ǫueensland
- Please go to Emu NL Investor Hub to ask direct questions and for additional info: Investor Hub https://investorhub.emunl.com.au/hyperlink/lyaKKr
The funds raised will help with additional exploration inside the Georgetown Challenge ǪLD, with a spotlight on the Fiery Creek Prospect, together with superior area work, geochemistry, geophysics, doubtlessly a brief maiden drilling program, and normal working capital.
Mr Peter Thomas, Chairman of EMU NL commented:
“EMU is concentrated on accelerating exploration at our extremely potential Fiery Creek Prospect which has been recognized as a doubtlessly huge scale copper porphyry system. We’re delighted to welcome Martin Place Securities onto the register and recognize their help for EMU’s deliberate exploration exercise with the preliminary placement and dedication to underwrite the non-renounceable rights problem.
The board was adamant that this capital elevating initiative could be structured to reward present shareholders while guaranteeing satisfactory funds could be obtained to undertake the specified exploration program. EMU has discounted the supply from the present market share worth in order that shareholders will discover it simpler to ‘comply with’ their rights and ‘prime up’ their holdings additional in the event that they want to.
EMU is poised for exploration successes in 2024. We’re delighted to supply our shareholders with this chance at a time when the minerals we’re concentrating on and the initiatives we maintain, supply important potential for worth appreciation and exploration success.”
Fiery Creek Prospect
The Fiery Creek Copper Prospect inside the Georgetown Challenge in North Ǫueensland has been recognized as a possible huge scale copper porphyry system.
Fiery Creek Copper Prospect is situated inside the 26km2 Yataga Igneous Advanced (see Determine 1). The prospect’s mineralised, hydrothermal alteration zone has been recognized to increase over an space of roughly 6km in strike and as much as 2km extensive. The construction is characterised by a number of interleaved shear zones with quartz hosted copper vein swarms, stockwork and disseminated copper at floor with petrographical research indicating a number of impulse phases of hydrothermal fluidisation. The alteration mineralogy, mineralisation geochemistry and the areal extent of Fiery Creek copper and silver wealthy vein system suggests the chance of a beforehand unknown sub adjoining porphyry system.
EMU has accomplished its preliminary geochemistry surveys sampling rocks, soils, termite mounds and stream sediments. Copper grades of as much as 23.5% have been recorded together with 460pmm silver from rock chip samples. Mineralisation inside the discovery zone at floor seems to be constant and widespread. The present exploration exercise at Fiery Creek contains additional geochemistry surveying, pXRF surveys, floor and air geophysics and drone LiDAR and photogrammetry work. EMU is actively working to additional examine and construct on this doubtlessly important copper porphyry discovery. (Check with ASX Announcement 30 April 2024)
Click on right here for the complete ASX Launch
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