Business
Successful Placing to Raise £750,000
Successful Placing to Raise £750,000.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 9919I European Metals Holdings Limited 14 August 2019 \n\nFor immediate release\n14 August 2019\nEUROPEAN METALS HOLDINGS LIMITED\nSUCCESSFUL PLACING TO RAISE £750,000\n \nEuropean Metals Holdings Limited (\"European Metals\" or \"the Company\") is pleased to announce that it has raised gross proceeds of £750,000 via a share placing (\"Placing\") to UK investors. \n \nThe Placing's issue price of 18 pence per share (~AUD 0.322) represents an approximate 12% percent discount to the closing AIM price on 9 August 2019. A total of 4,166,666 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· Progress discussions with CEZ Group and potential off take partners. \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 continues to conduct due diligence on the Company and the Project (refer to ASX and AIM announcement dated 16 July 2019).\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 interest shown by CEZ Group, we have received further funding proposals from equity investors. As the CEZ financing can only be used for project development the Board felt it prudent to take the opportunity to strengthen the balance sheet whilst in offtake discussions and to fund ongoing company level costs. We look forward to updating the market with regards to the CEZ due diligence which we believe will see them become a significant partner in the future development of the Cinovec Project.\"\n \nAdmission and Settlement\n \nThe Placing is conditional upon the terms ...