The company on Tuesday said that it had received firm commitments for the placement of more than 23-million shares, at a price of 13c each.

“Eagle Mountain is delighted with the strong support for the placement and is pleased to welcome a number of high profile domestic and international institutions to the Eagle Mountain share register, and thanks existing shareholders for their continued support in the raising,’ said CEO Tim Mason.

“The successful completion of this placement sees the company being well funded to conduct a maiden diamond drilling programme at our high-grade Oracle Ridge copper project in Arizona. Priority drill targets have been defined in prospective zones for higher-grade copper mineralisation as extensions to the existing mineralisation,” he added.

The company intends to undertake a surface diamond drilling programme of some 2 000 m at Oracle Ridge targeting extensions to the existing mineral resource estimates in three priority zones.