Energy and Minerals Australia Limited (ASX:EMA) announced a private placement of 2014 demand promissory notes for total gross proceeds of AUD 2,650,000 on January 24, 2014. The transaction will include participation from existing investors, Acorn Capital Limited and Macquarie Bank Limited, Investment Arm. The notes will carry an interest of 10% per annum and will mature on March 31, 2014. The company may raise a further AUD 10,000,000 in funding through placement of equity shares. The notes shall be repayable in full if the company does not complete an equity funding by March 31, 2014. As part of the transaction, the company will also issue 61,000,000 options with an exercise price of AUD 0.22 per share and 61,000,000 options with an exercise price of AUD 0.10 per share. The options will mature on December 16, 2018. The transaction is subject to shareholder's approval.

On March 17, 2014, the company issued the options for total proceeds of AUD 18.