Perth, Jan 22, 2010 (ABN Newswire) - Emergent Resources Limited (ASX:EMG) is pleased to announce that it has received subscriptions from sophisticated and professional investors to raise A$3.0 million. The placement will be completed shortly and the Company will inform the market when the placement has been finalised. The placement has been made to clients of Casimir Capital LP and its Australian operations Casimir Capital AP (together "Casimir").
The placement of 5,000,000 shares will be made at a price of A$0.60 per share. The placement also includes the issue of one free attaching listed option (EMGO) for every two shares placed, exercisable by the payment of 20 cents each on or before 30 September 2010.
The placement funds will be used to fund Emergent's continuing development plans for its flagship Beyondie Iron Project in the northern region of Western Australia's mid-west iron ore precinct, and provide additional working capital for the Company.
Casimir is a natural resources-focused investment banking group headquartered in New York, with offices in Sydney and Toronto.
Emergent Resources Limited sees the present and foreseeable demand for resource commodities such as iron, base metals and precious metals remaining strong. Emergent’s strategy is to effectively define and develop the company's Beyondie Iron Project exploration in conjuction with existing strong geological and structural association of lead-zinc and copper-gold mineralised targets.
ASX:EMG) is pleased to announce that it has received subscriptions from sophisticated and professional investors to raise A$3.0 million. The placement will be completed shortly and the Company will inform the market when the placement has been finalised. The placement has been made to clients of Casimir Capital LP and its Australian operations Casimir Capital AP (together "Casimir").
Emergent Resources Limited
){kind=link}