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Eclipse Metals Raises $1.4M To Fund Exploration, Repay Debt

Eclipse Metals (ASX: EPM) has raised $1.4 million from its rights issue after issuing 280 million shares comprising acceptances received from shareholders and additional shares allocated from the shortfall.

Directors are now working with underwriter Komodo Capital Pty Ltd to allocate the remaining 200 million shortfall shares.

Proceeds from the capital raising will be allocated to repay a short term debt facility, fund exploration and tenement expenses for Eclipse and its subsidiaries' tenement portfolio, evaluate.

The rights issue is fully underwritten by Komodo, which is associated with Pete Landau, a director of Eclipse.

Eclipse had recently commissioned a team of expert geologists including CSA Global to provide a preliminary assessment of the company's remaining assets to help determine an appropriate exploration strategy going forward.

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