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- European Metals (EMH) has raised $670,000 (£350,000) via a share placing to United Kingdom Investors
- Funds will be used for the development of the Cinovec Project and finalising the proposed investment by CEZ Group
- The company announced a three-month extension to the timetable of the proposed transaction with CEZ to March 31 2020
- European Metals is down 9.38 per cent and trading at 29 cents per share
European Metals (EMH) has raised $670,000 (£350,000) through a share placing to investors from the U.K.
The company issued 2.2 million shares at a price of 15.25 pence per share (AUD$0.293).
Funds will be used to advanced European Metals’ corporate strategy, which includes the development of the Cinovec Project and finalising the proposed investment by CEZ Group.
Last year, European Metals signed a strategic partnership with CEZ, regarding the Cinovec Project.
The company announced a three-month extension to the timetable of the proposed transaction with CEZ to March 31 2020. This placing will allow it to continue with development plans given this extension.
Managing Director Keith Coughlan says the company has received further pending proposals from investors, after the three-month extension was proposed.
“The Board felt it prudent to take the opportunity to strengthen the balance sheet whilst concluding these discussions,” Keith said.
“With the approval of shareholders now received at the recent EGM, we look forward to concluding the proposed investment by CEZ as we believe their participation in the project will be beneficial for all stakeholders,” he added.
The company is also in the process of planing the Definitive Feasibility Study, particularly the planning of the detailed engineering and further drilling enabled by the extension of the exploration permit.
European Metals Holdings is down 9.38 per cent at market close and trading at 29 cents per share.
