Business
Placing of £563,516 (gross)
Placing of £563,516 (gross).
About this update from Europa Metals Limited
[{"type":"text","content":"\n \nRNS Number : 9394V Europa Metals Ltd 27 July 2018 \n\n27 July 2018\nEuropa Metals Ltd\n(\"Europa Metals\", the \"Company\" or the \"Group\")(ASX, AIM, JSE: EUZ)\n \nPlacing of £563,516 (gross) for Phase 2 Work Programme - Toral Project, Spain\nEuropa Metals, the European lead-zinc explorer, is pleased to announce that it has conditionally raised, in aggregate, approximately £563,516 (before expenses), through a placement of 727,118,650 new ordinary shares of no par value each in the capital of the Company (the \"Placing Shares\") at an issue price of 0.0775 pence per share (the \"Issue Price\") (the \"Placing\"). The Placing was arranged by the Company's joint broker, Turner Pope Investments (TPI) Limited (\"Turner Pope\"), as agent of the Company, with certain new and existing investors and utilises the Company's existing share capital authorities.\n \nThe Placing is conditional on admission of the Placing Shares to trading on AIM and, following admission, the Placing Shares will represent, in aggregate, approximately 13.04 per cent. of the Company's enlarged issued share capital.\n \nThe Toral Project\nThe Company's flagship Toral lead-zinc-silver project is located in the province of León, northern Spain (the \"Toral Project\" or \"Toral\") and in close proximity to existing road, power and rail infrastructure in a traditional mining area with direct road access to established third party smelters. Toral has an existing maiden JORC 2012 compliant Inferred Resource Estimate of 16 million tonnes at 6.9% zinc (Zn) equivalent, including lead (Pb) credits, and 25 g/t silver (Ag). Individual grades were 4.0% Zn and 3.3% Pb, with an estimated metal content of 670,000 tonnes Zn, 540,000 tonnes Pb and 13 million troy ounces Ag at a 4.0% equivalent cut-off grade (please refer to the Company's announcements of 30 January 2018 and 6 February 2018 for full details of such resource estimate as well as the various cut-off grades and estimated grade and tonnages at the various cut-off grades).\n \nThe current phase 1 work programme underway at the Toral Project is focused on:\n· Completion of an initial scoping study including establishing first economic parameters;\n· Extension drilling to the east of the main defined ore resource area seeking to identify further mineralisation along st...