Under the terms of the agreement and subject to shareholder approval, Azure will receive commissions of 6% and 2 million options exercisable at 25c each for managing the share placement.
The shares will be issued under Emerald's 15% share issue capacity at 20c each to raise the capital.
Emerald said it was pleased with the support shown by Azure and, together with the funds raised through the placement, it would have about $6 million in cash to proceed with a more aggressive drilling program at the Appalachian gas development project.
