Eagle Mountain Mining Completed Purchase of Oracle Ridge Copper Mine

  • Nov 28, 2019 AEDT
  • Team Kalkine

Eagle Mountain Mining Limited (ASX:EM2) has reported that the purchase of Oracle Ridge Copper Mine has been completed. The mine is located less than a two-hour drive from Tucson, Arizona and half-hour from San Manuel.

  • EM2 has paid USD500k as purchase price for the mine through its subsidiary Wedgetail Operations LLC (WT).
  • WT has a ten-year secured note financing with Vincere Holdings LLC for approx. USD6.42 million.
  • Vincere Holding have 20% interest in WT.

By 1:26 PM AEST, EM2 was trading at $0.19, up by 5.55% relative to the previous close.

 

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