Emu NL is conducting a pro rata rights issue to raise up to about A$6.2 million to advance its Elevado gold project in Chile.
The funds will be used to continue drilling the Vidalita epithermal discovery, initiate drill testing of other prospects, do geochemical sampling for prospect evaluation, acquire further prospects and provide working capital.
The company said Sept. 20 that it will initiate a program of regional exploration in October, a diamond drill program in November, and an aircore drilling program in January 2020.
Emu will offer three common shares at 3.5 Australian cents apiece for every four shares held, together with an option for every two common shares at 1 cent each.
The options can be exercised by Dec. 21, 2020, for 2 cents apiece to subscribe for one partly paid ordinary share.
The offer will result in the issue of up to 156,487,779 new fully paid shares and 78,243,890 new options.
Strategic Bank International Corp. has underwritten the issue to the extent of about A$4 million.
