From the AFR this morning...massive positive for EM2. Bass to exercise 4.5m options at $0.30 strike ahead of 7Dec20 expiry, putting $1.4m in the kitty together with $1.5m raise to insto's. Giddy up.
Charles Bass is poised to take his stake in ASX-listed copper and gold play Eagle Mountain Mining back above 40 per cent. Eagle Mountain has a stake in two projects in Arizona, including the Oracle Ridge copper project. Louise Kennerley. It is understood the Aquila resources co-founder – a company that was bought by Baosteel and Aurizon in 2014 in a $1.4 billion deal – is exercising 4.5 million options in Eagle Mountain to inject $1.35 million into the company. In conjunction, Eagle Mountain – which counts Bass as its managing director and largest shareholder – is expected to launch a $1.5 million equity raising on Friday morning. It is understood that deal would be offered to potential investors at 30¢ a share, the same price Bass would exercise his options at. PAC Partners and Taylor Collison were lead managers on the raising. Funds raised would go towards drilling activities at Eagle Mountain's Oracle Ridge copper project in Arizona. The small cap resources outfit owns an 80 per cent interest in Oracle Ridge and has a 100 per cent interest in the Silver Mountain project, also in Arizona.
EM2 Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
