European Metals Hldg - Successful Placing To Raise AUD 670,000
For immediate release
SUCCESSFUL PLACING TO RAISE ~AUD 670,000
The Placing issue price of
Use of Proceeds
The net Placing proceeds will be used to continue to advance European Metal's corporate strategy including:
· To progress the development of the
· Finalise the proposed investment by
The Placing is intended to allow the Company to continue to develop the
This Placing will enable the Company to continue with development plans given this extension.
The 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
European Metals Managing Director,
With the approval of shareholders now received at the recent EGM, we look forward to concluding the proposed investment by CEZ as we believe their participation in the Project will be beneficial for all stakeholders."
Admission and Settlement
The Placing is conditional upon the terms of a placing agreement with
Application will be made for the admission to trading on AIM and ASX of the Placing Shares ("Admission"). Admission is expected to occur at
Total voting rights
Following Admission, the Company will have 153,103,973 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company are therefore 153,103,973 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
BACKGROUND INFORMATION ON CINOVEC
European Metals, through its wholly owned subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over the
This makes Cinovec the largest lithium deposit in
The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.
The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within
There are no other material changes to the original information and all the material assumptions continue to apply to the forecasts.
For further information on this update or the Company generally, please visit our website at www.europeanmet.com or see full contact details at the end of this release.
Information in this release that relates to exploration results is based on information compiled by Dr
The information in this release that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company's business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company's control.
Although the company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
LITHIUM CLASSIFICATION AND CONVERSION FACTORS
Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li2O) content or percent lithium carbonate (Li2CO3) content.
Lithium carbonate equivalent ("LCE") is the industry standard terminology for, and is equivalent to, Li2CO3. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included below to get an equivalent Li2CO3 value in percent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li2CO3 from the deposit.
Lithium resources and reserves are usually presented in tonnes of LCE or Li.
The standard conversion factors are set out in the table below:
Table: Conversion Factors for Lithium Compounds and Minerals
Convert to Li
Convert to Li2O
Convert to Li2CO3
A copy of this announcement is available from the Company's website at www.europeanmet.com.
Tel: +61 (0) 419 996 333
Tel: +44 (0) 20 7440 0647
Tel: +61 (0) 8 6245 2050
Email: [email protected]
Tel: +44 (0) 20 7628 3396
Email: [email protected]
Tel: +44 (0) 20 7186 9950
Blytheweigh (Financial PR)
Tel: +44 (0) 20 7138 3222
The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.
The person who authorised for the release of this announcement on behalf of the Company was
This information is provided by RNS, the news service of the
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