Eric Sprott now substantial shareholder on E2 Metals’ register after $8.5m raising
E2 Metals 将利用配售所得资金为其在阿根廷的 El Rosillo 和 Conserrat 金银项目的进一步勘探提供资金。
Legendary North American investor Eric Sprott has become a substantial shareholder in E2 Metals (ASX: E2M) after taking a large chunk of a new $8.5 million placement.
This represents Mr Sprott’s second move in a week on gold and silver plays.
Mr Sprott this week partnered up with the AMC Entertainment, the biggest movie chain in the US, to grab a 22% slice of Nevada gold and silver producer Hycroft Mining (Nasdaq: HYMC).
E2 Metals has advanced exploration under way at its Conserrat project in Argentina.
Conserrat, located in Santa Cruz province, is host to a greenfields gold and silver discovery centred 25km along strike from the Cerro Vanguardia silver-gold mined operated by AngloGold Ashanti (ASX: AGG).
Broad range of new investors
The raising was, reported E2 Metals, from a “broad range of high quality domestic and international institutional investors”, including Mr Sprott.
Participants in the placement will receive an attaching option on a one-for-two basis, with each option exercisable at $0.26 (with E2 Metals shares trading this morning around $0.20). The options will expire on 31 March 2024.
The placement price was at $0.175 per new share, which was a 13% discount to the 10-day average.
E2 Metals says it has now strengthened its balance sheet to finance further exploration at its Conserrat and El Rosillo projects.
Last month the company reports that its new El Rosillo project looked to be an emerging greenfield discovery located on the same belt that hosts Pan American Silver’s Navidad for which that Vancouver-based company has a US$1 billion development budget.
Brings in new mining specialist shareholders
With assays back for three of the trenches, the first returned 3m at 113 grams per tonnes gold and 35g/t silver, including 0.7m at 500g/t gold and 153g/t silver.
The second trench assayed over 10.7m at 3.7g/t gold, including 3.2m at 9.3g/t, while the third trench returned 25m at 2.9g/t, including 2m at 28g/t.
Managing director Todd Williams said the placement strengthens the register and brings in new mining specialist institutional investors.
“These funds will be used for drilling at Conserrat to further unlock this new and emerging gold and silver district, as well as an inaugural drill program at the El Rosillo gold project,” he said.