Eagle Mountain Mining (ASX:EM2) has confirmed the first tranche of its recently announced placement has settled, raising $5M before costs.

Eagle Mountain says the first tranche of the placement to institutional and sophisticated investors which raised $3M before costs through the allotment of 18,181,818 shares has been completed.

Eagle Mountain?s CEO Tim Mason says funds raised will be used to advance its Oracle Ridge project by testing prospective near-mine targets and to upgrade the existing mineral resource:

?In addition, we are close to completing the initial refurbishment of the underground mine to dramatically improve drilling efficiency and un underground drill is planned to mobilise in early December.?