Emmerson PLC (AIM:EML) has completed an £850,000 equity fundraise at 2p a share, with its retail offer fully taken up as the Moroccan potash developer looks to cover remediation and legal-case preparation costs.
The AIM-listed group first secured £750,000 through a placing and subscription of 37.5 million new shares, before adding a further £100,000 through its WRAP retail offer for existing UK shareholders. In total, Emmerson will issue 42.5 million new ordinary shares under the fundraise.
The company said the proceeds will primarily fund remediation work at the Mine de Centre, a former salt mine in the previously held licence area in Morocco, and pay invoices for completed engineering work alongside supplementary consultancy fees linked to preparation of its legal case.