19th Nov 2018 17:57
LONDON (Alliance News) - Mining company European Metals Holdings Ltd on Monday said it has raised GBP1.0 million via a 5.2 million share placing at 20 pence per share.
Shares in European Metals closed down 9.85 at 20.75 pence on Monday.
Cadence Minerals PLC subscribed for 250,000 of the placing shares now has a 19% interest in the enlarged share capital of European Metals.
European Metals will use the proceeds to progress its drilling programme at the Cinovec lithium and tin project in the Czech Republic and to update its resource model, as well as to fund commencement of the engineering process for its definitivie feasibility study.
Placing proceeds will also be used to progress European Metals' environmental impact assessments for mining and processing, and to operate a pilot plant for production of samples for marketing.
Finally, a portion of the money raised will also be used to develop discussions with potential strategic partners for Cinovec.
Related Shares:
European Metals HoldingsCadence Mineral