Business
Successful Placing To Raise AUD 670,000
Successful Placing To Raise AUD 670,000.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 3744Z European Metals Holdings Limited 10 January 2020 \n\nFor immediate release\n10 JANUARY 2020\nEUROPEAN METALS HOLDINGS LIMITED\nSUCCESSFUL PLACING TO RAISE ~AUD 670,000\n \nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") is pleased to announce that it has raised gross proceeds of GBP £350,000 via a share placing (\"Placing\") to UK investors. \n \nThe Placing issue price of 15.25 pence per share (~AUD 0.293) represents an approximate 1.6% percent discount to the closing AIM price on 8 January 2020. A total of 2,295,080 new ordinary shares of no par value (\"Ordinary Shares\") in European Metals have been placed with new and existing investors (\"Placing Shares\"), by way of the issue of depositary interests representing Placing Shares (\"Depositary Interests\"). \n \nUse of Proceeds\n \nThe net Placing proceeds will be used to continue to advance European Metal's corporate strategy including:\n \n· To progress the development of the Cinovec Project; and\n· Finalise the proposed investment by CEZ Group. \n \nThe Placing is intended to allow the Company to continue to develop the Cinovec Project with the greatest degree of flexibility whilst the CEZ Group finalises an investment decision (see Funding Agreement and Potential Partnership announcement dated 16 July 2019, AGM Notice dated 5 December 2019 and AGM Results announced 20 December 2019). The Company announced a three month extension to the timetable of the proposed transaction with CEZ to 31 March 2020 (See Potential Strategic Partnership with CEZ And Significant Investment into Cinovec Project announcement dated 20 November 2020).\n \nThis Placing will enable the Company to continue with development plans given this extension. \n \nThe Company is in the process of planning the Definitive Feasibility Study, particularly the planning of the detailed engineering and further drilling enabled by the extension of the exploration permit as announced to the market on 5 August 2019.\n \nEuropean Metals Managing Director, Keith Coughlan said \"Following the announcement of the three-month extension to the timeline of the proposed CEZ transaction, we have received further funding proposals from eq...