Emerald Resources NL (ASX:EMR) has announced a successful placement to raise $75 million in two tranches as announced on 20 January 2020.
- Tranche 1 – Unconditional placement of 762.1 million New Shares to raise approximately $30.484 million under the Company’s 25% Placement capacity.
- Tranche 2- Conditional placement of 1,112.9 million New Shares to raise approximately $44.516 million, which is subject to shareholder approval.
- The funds raised will be used for development activities at the Okvau Project, Regional exploration programme, and to meet the ongoing working capital requirements and costs of the Placement.
- There is strong support from new and existing institutional shareholders.
- Euroz Securities Limited acted as the Lead Manager, and Bookrunner to the Placement and Sprott Capital Partners LP served as Co-Lead Manager.
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