Uranium explorer Energy and Minerals Australia Ltd
(ASX:EMA) has announced a $12.16 million capital raising.
The company hopes to raise $9.16 million through a placement of ordinary shares at 21 cents a share, and $3 million via a share purchase plan.
The proceeds from the capital raising will be used to provide working capital and advance the development of the company’s Mulga Rock Uranium deposits in Western Australia.
Energy and Minerals Australia says the placement has garnered strong support and has seen the introduction of a number of new domestic and offshore institutional shareholders to EMA’s register.
Energy and Minerals Australia has posted losses in the last two years.
