logo-loader
viewEuropean Metals Holdings

European Metals says shareholders approve CEZ investment in Cinovec

It means that the Cinovec project is now fully funded up to the decision to construct, which paves the way for it to become the first European Union producer of battery-grade lithium compounds from a local lithium resource

European Metals Holdings - European Metals shareholders approve CEZ investment in Cinovec

European Metals Holdings Ltd (LON:EMH) has said that the CEZ investment in the Cinovec project has been approved by shareholders at an extraordinary general meeting held on Thursday.

The investment gives CEZ a 51% interest in Geomet, the EMH subsidiary that holds the Cinovec licences.

READ: European Metals agrees final terms for Cinovec investment

It means that the Cinovec project is now fully funded up to the decision to construct, which as the company highlights, will, in turn, pave the way for the project to become the first European Union producer of battery-grade lithium compounds from a local lithium resource.

"This is a very significant day in the life of the Cinovec project,” Keith Coughlan, European Metals managing director said in a statement.

“To have Europe's largest hard rock lithium project fully funded to decision to construct ensures that Cinovec is firmly entrenched as the pre-eminent lithium deposit in Europe.

“We are very pleased to be in partnership with CEZ in the development of the Cinovec Project. CEZ not only provide corporate, technical and financial strength, they fully share the company's vision for the development of a lithium ion battery industry in Czech Republic," he added.

The group said the transaction is now ready to complete on April 27.

Quick facts: European Metals Holdings

Price: 15.25 GBX

AIM:EMH
Market: AIM
Market Cap: £23.59 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of European Metals Holdings named herein, including the promotion by the Company of European Metals Holdings in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

European Metals' Keith Coughlan hails completion of €29.1mln CEZ investment

European Metals Holdings Ltd's (LON:EMH) (ASX:EMH) Keith Coughlan speaks to Proactive's Andrew Scott after announcing its Czech subsidiary Geomet has now received €29.1mln following completion of its deal with power company, CEZ. CEZ now has a 51% equity interest in Geomet, which is the...

on 28/4/20

2 min read