European Metals Holdings Limited (EMH or the Company) (ASX & AIM: EMH, OTC – Nasdaq Intl ADS: EMHXY) is pleased to announce it has successfully received firm commitments for a placement for 10,285,000 CDI’s at an issue price of A$1.40 per CDI to raise approximately A$14.4 million (before costs) (Placement) from institutional clients of Euroz Hartleys. The Placement was well supported by Ellerston Capital, a leading Sydney based fund manager with in excess of $4 Billion in funds under management, which is investing ~$13million. The proceeds of the Placement will assist in the further development of the Cinovec Lithium Project, the largest hard rock lithium resource in Europe, and further general working capital.


HIGHLIGHTS
  • Firm Commitments from two institutional clients of Euroz Hartleys received for a private placement of approximately AUD 14.4 million (before costs)
  • ~$13 million contribution by Ellerston Capital
  • Funds raised will assist in further development of the Cinovec Project and general working capital
  • Please refer to the Company’s announcement today regarding PFS update for further details about the Cinovec Project

Keith Coughlan, Executive Chairman, said “I am very pleased to report to shareholders on the successful completion of the Placement in the amount of A$14.4 million. This strong institutional support for the placement demonstrates that the Cinovec Project is considered by the market to be a highly prospective project.

As we progress Cinovec towards production, further de-risking the project in the process, we are optimistic that shareholders will be rewarded as the value differential between our market cap and the project’s NPV8 reduces. I warmly welcome Ellerston Capital to the Company.

Click here for the full ASX Release

This article includes content from European Metals Holdings Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

EMH:AU
Europena Metals

European Metals


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