Eastern Metals (ASX: $EMS) $1m placement for exploration acceleration

Eastern Metals Ltd (ASX: $EMS) has successfully completed a $1 million placement through the issue of 31.25 million new fully paid ordinary shares at an issue price of $0.032 per share. The proceeds from the placement will be utilized to accelerate exploration activities across the Company's highly prospective copper and base metals portfolio, with a focus on the Cobar Project in New South Wales and the Arunta Project in the Northern Territory.

Eastern Metals CEO's perspective on the $1m placement

Eastern Metals' Chief Executive Officer Ley Kingdom expressed satisfaction with the strong support received for the strategic $1 million capital raising. Kingdom welcomed new investors and thanked existing shareholders for their continued support. He highlighted the exciting time for Eastern Metals, with the capability to accelerate workstreams across both the Arunta/Home of Bullion Project, Browns Reef, and in their tenement holdings in the Cobar Basin to the north. Kingdom also mentioned the company's anticipation of receiving the outcomes of an independent expert review of the Arunta/Home of Bullion Project from SRK in the coming weeks and using that information to help design ground-based field programs including geophysics, mapping, and sampling prior to drilling.

Summary of Eastern Metals' $1m placement and outlook

Eastern Metals Ltd (ASX: $EMS) has successfully raised $1 million through a placement to accelerate exploration activities at the Cobar Project in New South Wales and the Arunta Project in the Northern Territory. The funds will also be used to provide additional working capital. The company's Chief Executive Officer, Ley Kingdom, expressed optimism about the potential to accelerate workstreams and the anticipation of receiving outcomes from an independent expert review. The successful placement reflects the company's commitment to advancing its exploration programs and leveraging the current investor interest in the Cobar Basin. Eastern Metals aims to provide regular updates on the progress of these programs in the coming weeks and months.