Oct 6 (Reuters) - Eagle Mountain Mining Ltd EM2.AX :
* PLACEMENT AND OPTION EXERCISE ENABLES EXTENSION TO DRILLING-EM2.AX
* RECEIVED COMMITMENTS TO RAISE GROSS PROCEEDS OF $1.5 MILLION VIA SHARE PLACEMENT
* FUNDS WILL BE USED TO PRIMARILY EXTEND DRILLING PROGRAM AT ORACLE RIDGE COPPER MINE
* RAISE THROUGH ISSUE OF 5.0 MILLION SHARES IN CO AT ISSUE PRICE OF $0.30 PER SHARE