European Metals Pleased With AUD7.1 Million Raise To Further Cinovec

(Alliance News) - European Metals Holdings Ltd on Wednesday said it has received firm commitments ...

Alliance News 3 February, 2021 | 9:49AM
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(Alliance News) - European Metals Holdings Ltd on Wednesday said it has received firm commitments for a private placement worth AUD7.1 million, equivalent to around GBP4 million.

Shares in European Metals were up 13% at 66.60 pence in London on Wednesday.

The mineral exploration and development company has received commitments for a placement of 6.5 million Chess Depositary Interests at an issue price of AUD1.10 each. The placement was well-supported, European Metals said, especially by Thematica Future Mobility, a Luxembourg-based green energy fund.

The proceeds of the placement will assist in the further development of the Cinovec Lithium project and further general working capital.

On Tuesday, European Metals said interim test results from six recently completed holes at the Cinovec lithium-tin project in Czech Republic were in line with or better than expectations.

"We are very pleased to complete this capital raising at this time and to add cornerstone shareholders to our register who we believe will be very valuable to the Company as we move into our full project funding. It is very pleasing in particular to welcome Thematica Future Mobility to the company," said European Metals Executive Chair Keith Coughlan on Wednesday.

By Lucy Heming; lucyheming@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
European Metals Holdings Ltd 81.00 GBX 10.20 -

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