Emergent Resources Limited (ASX:EMG)
Perth, July 3, 2009 AEST (ABN Newswire) - Emergent Resources Limited (ASX:EMG) is pleased to advise that it will undertake a placement of 6.3 million shares to professional and sophisticated investors in Australia at a placement price of A$0.40, to raise A$2.52 million. For every two shares placed the company will issue an attaching option exercisable by payment of 20 cents each on or before 30 September 2010.
The placement will be completed in two tranches;
Tranche 1 being 4,215,000 ordinary fully paid shares and 2,107,500 options will be issued under the company's 15 % placing facility.
Tranche 2 being 2,107,500 ordinary fully paid shares and 1,053,750 options will be issued subject to shareholder approval at a meeting to be convened in early August 2009.
The placement funds will be used to provide additional working capital for the Company and also assist with ongoing exploration programs at Emergent's flagship Beyondie Iron Project in the mid-west iron region of Western Australia as well as its portfolio of highly prospective Base Metals projects, also in WA.
The Beyondie Project is located in the northern region of the Mid West Iron Province in WA, immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline. The Company plans to develop the project into a long life, large scale, high grade magnetite mining operation, with potential shared rail and port infrastructure.
Contact
Garry Hemming
Managing Director
Emergent Resources
Mob: +61-419-835-757
Email: ghem@westnet.com.au
www.emergentresources.com.au
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