Emmerson Resources Ltd (ASX:ERM) recently raised $3.575 million in an oversubscribed placement to accelerate exploration at its gold and copper prospects in NSW as well as to support its emerging gold royalty business.
The new developments and future plans will be presented by managing director Rob Bills at Proactives upcoming gold webinar on Tuesday, July 28 at 12pm AEST (10am AWST).
New strategic investor
Canada based resource-focused merchant bank Palisades Goldcorp Ltd subscribed for $2 million worth of shares in Emmersons placement to become a new strategic investor providing visibility to the important North American market.
Bills said following the placement: “This new funding places Emmerson in a strong position to advance our NSW projects to the next phase while momentum builds in our emerging gold royalty business at Tennant Creek.
“We welcome Palisades Goldcorp and other new investors to the register and thank existing shareholders for their continued support.
“The strongly supported placement reflects investor appetite for Emmersons strategy and high-quality gold and copper-gold portfolio.”
Share purchase plan
Earlier this month, Emmerson launched a share purchase plan (SPP) to raise $1 million from shareholders.
The SPP allows eligible shareholders to apply for a maximum of $30,000 worth of shares at an issue price of 10 cents per share, together with one free attaching option for every share subscribed for and issued.
Applications and payment of funds must be received by the company on or before July 31, 2020, unless the company extends the closing date of the SPP offer.