The placement will be conducted in two tranches at 3c per share, an 11.8% discount to yesterday's close.
The first tranche comprises a placement to sophisticated and professional investors for around $14.8 million.
Tranche two comprises a $12.2 million placement to Emerald directors, subject to shareholder approval.
Emerald is led by former Regis Resources chief operating officer Morgan Hart, with former Regis projects director and Emerald COO Mick Evans recently joining the board as an executive director.
The company is chaired by Simon Lee, former Equigold chairman, with another former Equigold director, Ross Stanley, and founding MACA director Ross Williams also on the board.
Hart is already Emerald's largest shareholder with 12.3%, followed...