Emmerson Resources Limited (ASX:ERM) substantial shareholder Noontide Investments Ltd has lifted its substantial holding to 18.2% from 16.8% after a series of on-market purchases during March and April.
Sydney-based Noontide now holds more than 77.524 million shares.
In April there were 711,581 shares bought in three on-market transactions with a total value of almost $55,950.
This followed 15 on-market purchases in March with the most significant being 385,736 shares on March 25 valued at more than R31,000.
Alliance with NT Bullion
Last week Emmerson entered a strategic alliance with NT Bullion Ltd for the Northern Project Area (NPA) at the Tennant Creek Mineral Field in the Northern Territory.
NT Bullion will invest $2 million in Emmerson shares at a minimum of 14 cents per share, representing a premium of 100% to the 5-day VWAP.
The first tranche of shares will raise around $200,000 and the second tranche will raise around $1.8 million, with the completion of both tranches of the placement due by May 31, 2020.
Formation of an exploration earn-in and joint venture will also see NT Bullion fund the next $5 million of NPA exploration.
This will include an advanced payment of $1 million and the refund of exploration costs of about $400,000 pertaining to the last drill program at Emmerson's high-grade Mauretania gold discovery.