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EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2018
Mar 13, 2018
64839_rns_2018-03-13_dc686b92-5dd1-4980-8981-3833682ec32b.pdf
Capital/Financing Update
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9 March 2018
UPDATED STATEMENT OF COMMITMENTS
An amount of $8,004,500 was raised pursuant to the Initial Public Offer, refer to the Prospectus dated 23 January 2018. The Company intends to apply funds raised from the Initial Public Offer, together with existing cash reserves, in the next two years following admission to the Official List of the ASX, as follows:
| Maximum Subscription | % | |
|---|---|---|
| ($8,004,500) | ||
| Funds available | ||
| Cash on hand (as at 31 December 2017) | $1,067,549 | 11.76 |
| Funds from the Offers | $8,004,500 | 88.24 |
| Total funds available | $9,072,049 | 100.00 |
| Use of funds | ||
| Drilling | $4,430,000 | 48.83 |
| Assaying | $310,000 | 3.43 |
| Geophysics | $405,000 | 4.47 |
| Geology and geochemistry | $240,000 | 2.64 |
| Surveying and claim staking | $187,000 | 2.06 |
| Camp and site preparation | $242,000 | 2.66 |
| Tenure costs | $212,000 | 2.33 |
| Costs of the Offer (net of amounts paid prior to | $829,940 | 9.15 |
| December 2017)1 | ||
| Administration and working capital2 | $2,216,109 | 24.43 |
| Total | $9,072,049 | 100.00 |
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Eagle Mountain paid approximately $108,241 of the costs of the Offers at the Prospectus Date.
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Administration and working capital costs comprises Eagle Mountain’s administration and overhead costs, and include operating expenses, accounting costs, auditing costs, insurance costs, legal costs, share registry costs, directors’ fees, ASX fees and regulatory compliance costs and expenses.
The above proposed use of funds is a statement of present intentions as at the date of this announcement and is subject to ongoing review and evaluation by the Company. As with any budget, intervening events and results of exploration programs have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.
E A G L E M O U N T A I N M I N I N G L I M I T E D A C N 6 2 1 5 4 1 2 0 4
Ground Floor, 22 Stirling Hwy, Nedlands WA 6009 | PO Box 3365 Nedlands WA 6009 [email protected] | eaglemountain.com.au