Business
Successful Placing to Raise Approximately £1.035M
Successful Placing to Raise Approximately £1.035M.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 8026H European Metals Holdings Limited 19 November 2018 \n\nFor immediate release\n19 November 2018\nEUROPEAN METALS HOLDINGS LIMITED\nSUCCESSFUL PLACING TO RAISE APPROXIMATELY £1.035 MILLION\n \nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") is pleased to announce that it has today raised gross proceeds (before expenses) of £1,035,500 via a share placing (\"Placing\"). \n \nThe Company has today issued 5,177,500 new ordinary shares (represented by Chess Depositary interests or \"CDIs\") with new and existing investors at an issue price of 20 pence per new ordinary share, representing an approximate 13 per cent. discount to the closing mid-market price of the ordinary shares on 16 November 2018. \n \nCadence Minerals Plc subscribed for a total of 250,000 Placing Shares. Following participation in the Placing, Cadence Minerals Plc is now interested in a total of 28,096,470 CDIs representing 19.16% of the enlarged issued share capital of the Company. \n \nUse of Proceeds\n \nThe net Placing proceeds will be used to continue to advance EMH's corporate strategy including:\n \n\n\n\n\n· To progress the Company's drilling programme and upgrade its resource model to include measured resources and facilitate an estimation of proven reserves;\n\n\n\n\n· Begin the engineering process for a Definitive Feasibility Study;\n\n\n\n\n· Progress Environmental Impact Assessments for mining and processing; \n\n\n\n\n· Operate a pilot plant for production of samples for marketing; and\n\n\n\n\n· Progress discussions with potential strategic partners.\n\n\n\n\n \nAdmission and Settlement\n \nApplication is being made for the new ordinary shares represented by the Placing Shares to be admitted to trading on AIM, with admission expected to take place on or around 23 November 2018. The new ordinary shares will rank pari passu in all respects with the existing ordinary shares in EMH.\n \nTotal voting rights\n \nFollowing Admission, the Company will have 146,642,227 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company are therefore 146,642,227 and shareholders may use this...