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.