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European Metals agrees final terms for Cinovec investment with CEZ

The amended terms will see CEZ pay €29.1mln for a 51% stake in the project

European Metals Holdings -
'The new terms provide sufficient funding for the next stage of the development of the project,'

European Metals Holdings Limited (LON:EMH) has reached a final agreement for Czech state power utility CEZ to take a 51% stake in the Cinovec lithium project. 

The amended terms will see CEZ pay €29.1mln for its stake compared to the original proposal of €34mln.

CEZ also has two break points to withdraw from the project, which if triggered will see its investment returned minus €250,000 and costs,

The new terms provide sufficient funding for the next stage of the development of the project, Keith Coughlan, European Metals managing director said in a statement.

“Given the current uncertain state of global markets, it is particularly affirming for us to have a partner with the corporate, technical and financial strength of CEZ investing in the project," he added.

European Metal shareholders have to agree the final terms at an EGM.

Quick facts: European Metals Holdings

Price: 16 GBX

Market: AIM
Market Cap: £24.92 m

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