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Market: ASX
Sector: General Mining
Epic: .EMG
News: Latest news
Web Site: Emergent Resources
Other Articles: 18-02-201005-02-201031-01-2010

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Emergent Resources

Emergent Resources

Emergent Resources Limited (ASX: EMG) sees the present and foreseeable demand for resource commodities such as iron, base metals and precious metals remaining strong. The Company has successfully negotiated a joint venture to earn up to 80% equity (from De Grey Mining Ltd) of the potentially important Beyondie Iron Project and an option (subject to ASX listing) to acquire base metal, gold and uranium granted exploration licences and applications from Pandell Pty Ltd and Oakover Gold Ltd.

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.

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Friday, January 22, 2010

Emergent Resources raises $3 million to fund development of Beyondie Iron Project

company news image

Perth-based exploration company Emergent Resources (ASX: EMG) has raised $3 million to fund development plans for the company's flagship Beyondie Iron Project, located in the northern region of Western Australia’s mid-west iron ore precinct

The placement to sophisticated and professional investors 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.

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 for every two shares placed, exercisable by the payment of 20 cents each on or before 30 September 2010.

Managing Director Garry Hemming said the placement would be used to fund Emergent’s continuing development plans for its Beyondie Iron Project 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.

 

 

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