Emu NL capital raising announcement

Emu NL (ASX: $EMU) has successfully completed a $250k placement and is undertaking a fully underwritten 3:5 non-renounceable rights issue at $0.025 to raise up to approximately an additional $1.2 million. The funds raised will primarily be used for Fiery Creek exploration activities in North Queensland.

Chairman's perspective on the capital raising

Emu's Chairman, Mr Peter Thomas, expressed the company's focus on accelerating exploration at the highly prospective Fiery Creek Prospect, identified as a potentially massive scale copper porphyry system. He welcomed Martin Place Securities onto the register and appreciated their support for the planned exploration activity, emphasizing the initiative's structure to reward current shareholders while ensuring adequate funds for the desired exploration program.

Outlook for Fiery Creek exploration and capital raising

Emu NL's capital raising initiative, comprising a placement and underwritten rights issue, aims to advance exploration activities at the Fiery Creek Prospect within the Georgetown Project in North Queensland. The company's focus on accelerating exploration at the highly prospective Fiery Creek Prospect, with the potential for a significant copper porphyry discovery, reflects its ambitions for exploration successes in 2024. The discounted offer from the current market share price is intended to facilitate shareholders' participation in the rights issue, aligning with Emu's goal of providing shareholders with an opportunity for potential price appreciation and exploration success.