Business
Funding Agreement & Potential Partnership with CEZ
Funding Agreement & Potential Partnership with CEZ.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 6495F European Metals Holdings Limited 16 July 2019 \n\n16 July 2019\n \n \nFUNDING ARRANGEMENT AND POTENTIAL STRATEGIC PARTNERSHIP WITH CEZ \nCEZ is one of Europe's largest power utilities and has an active strategy of advancing energy storage in Europe\nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") is pleased to announce that CEZ Group (\"CEZ\"), one of Central and Eastern Europe's largest power utilities, has today conditionally agreed to provide a EUR 2 million finance facility by way of a convertible loan. CEZ is currently conducting due diligence on the Company and Project. The successful outcome of the due diligence process could see CEZ become European Metals' largest shareholder and co-development partner for the Cinovec Lithium/Tin Project through conversion of the convertible note and subsequent additional investment. \n \nHeadquartered in the Czech Republic, CEZ is an established, integrated energy group with operations in a number of Central and Southeastern European countries and Turkey. CEZ's core business is the generation, distribution, trade in, and sales of electricity and heat, trade in and sales of natural gas, and coal extraction. CEZ Group has 31,400 employees and annual revenue of approximately AUD 12 billion.\n \nThe largest shareholder of its parent company, CEZ a. s., is the Ministry of Finance of the Czech Republic with a stake of approximately 70%. The shares of CEZ a.s. are traded on the Prague and Warsaw stock exchanges and included in the PX and WIG-CEE exchange indices.\n \nAs one of the leading Central European power companies, CEZ intends to develop energy storage projects in the Czech Republic and in Central Europe which include energy storage and charging infrastructure and electricity supply, for users of electric vehicles.\n \nEuropean Metals Managing Director Keith Coughlan said, \"We are delighted to be in advanced discussions with CEZ regarding the future development of the Cinovec Project. CEZ is the largest company in the Czech Republic and one of the leading companies in Central and Eastern Europe, having a strong vision with regards to renewable energy and power storage. Potentially partnering with CEZ further demonstrates EMH's commitment to develop fully the Cinovec Project in...