Emmerson Resources (ASX:ERM) will raise AU$5 million via the placement of 90.9 million shares at AU$0.055 apiece, according to a Friday filing with the Australian bourse.
Proceeds will be used for exploration on projects in Tennant Creek in the Northern Territory, and Lachlan Fold Belt in New South Wales, as well as metallurgical and geotechnical studies on the Hermitage copper project, also located in Tennant Creek, the filing said.
Shares rose 7% in afternoon trade Friday.
Price (AUD): $0.06, Change: $+0.004, Percent Change: +7.01%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.