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Eclipse Metals Ltd (ASX: EPM) rewards its shareholders with an entitlement issue of options

Highlights 

  • Eclipse has announced a pro-rata non-renounceable entitlement issue of options to its shareholders.
  • The existing shareholders will be entitled to subscribe for one option for every ten shares held at an issue price of AU$0.002 an option.
  • Shares of EPM have surged almost 66.67% on a year-to date basis and over ~14% in the past month.

Diversified minerals exploration company Eclipse Metals Ltd (ASX: EPM) has announced a pro-rata non-renounceable entitlement issue of options to its shareholders. The offer seeks to reward shareholders for their loyalty and will be a non-renounceable entitlement issue.

Important Read: Eclipse Metals (ASX:EPM) outlines high-grade Cryolite-Fluorite mineralisation beneath Ivittuut Pit

As part of the Rights Issue, the company offers its existing shareholders with an opportunity to subscribe one Option for every ten shares held at an issue price of AU$0.002 per option to raise over AU$382,791 (before costs). The funds be utilised towards the working capital. Each of these Options can be exercised at AU$0.05 a unit, and on or before expiry within 3 years of its issuance.

Source: Eclipse Metals Announcement 17 August 2021

The offer is limited only to Australian and New Zealand resident shareholders.  The offer is open for existing shareholders on the Record date of 20 August 2021. In event of a shortfall, the Board may issue the remaining Options at their absolute discretion.

Must Read: Eclipse Metals (ASX:EPM) Hails Formation of New Pro-Mining Government in Greenland

Eclipse: The Next Mining Major in the Making

The Australian exploration company is focusing on exploring and developing an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz (high purity silica), REE, gold, platinum group metals, manganese, palladium, vanadium and uranium mineralisation in Greenland, Northern Territory and Queensland.

Read More: Eclipse Metals (ASX:EPM) to assay historical drill samples, outlines REE potential at Ivittuut

Shares of Eclipse Metals have consistently generated returns for its shareholders on the back of systematic exploration progress in some of the most prolific mining jurisdictions across the globe. EPM shares have offered an excellent return of over ~1,150%, one of the highest on the ASX, in over two years, outperforming almost every index and conventional financial instrument.

Must Read: Will Eclipse Metals Seize the Moment as Uranium Demand Heats Up?

Shares of EPM have surged almost 66.67% on a year-to date basis and over ~14% in the past month. In the recent months, the company has received strong support from the recently formed Greenland government and has secured a 4-year extension of the Ivittuut Project mineral exploration licence.

Meanwhile, the entry of KoBold Metals in Greenland is being perceived as a massive vote of confidence for the EPM investors. Backed by Jeff Bezos and Bill Gates, KoBold Metals has recently entered into an agreement with Bluejay Mining to explore critical metals for electric vehicles in Greenland.

Also Read: Eclipse Metals Limited (ASX:EPM) releases Assay Results for Ivittuut project, REE potential Recognised

EPM traded at AU$0.025 a share on 17 August 2021 at 2:21 PM AEST with a market capitalisation of AU$47.84 million.

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