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The company is seeking A$4.37 million by offering new shares priced at 1.25c each, with directors of eMetals proposing to add another $500,000 to the kitty (at the same pricing) if approved by shareholders.
The 469sq.km of ground being acquired is in close proximity to eMetals' wholly owned Cowlinya REE acreage, which is adjacent to the Mount Ridley Mines' namesake REE tenure.
The ground is east northeast of the town of Salmon Gums and is being acquired for 15 million shares to be issued to vendors' Christiaan Paul Busing, Roger Blake and Tirumi.
Shares in eMetals were up 46.7% to 2.2c in late morning trade, capitalising the company at $9.3 million.
