Australia's Eagle Mountain Mining hits over two-year low on discounted placement

Eagle Mountain Mining

23/11/2022 01:17

** Shares of Eagle Mountain Mining  EM2.AX  slump as much as
10.5% to A$0.170, their lowest since Aug. 5, 2020 
    ** The diversified miner says it has received firm
commitments to raise A$5 million ($3.33 million) via a share
placement  urn:newsml:reuters.com:*:nFWN32I3DU
    ** Says it also intends to undertake a share purchase plan
to raise further A$1 mln 
    ** Says capital raised will be used for advance the Oracle
Ridge Project in Tucson, Arizona 
    ** Offer price for both placement and SPP of A$0.165 per
share is at a 13.2% discount to the last closing price on Nov 21
    ** Shares see worst day since July 11 - if losses hold 
    ** Stock has fallen ~68.1% this year as of last close
($1 = 1.5033 Australian dollars)
 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))