European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) has outlined its funding pathway to complete the definitive feasibility study (DFS) for the Cinovec lithium project in the Czech Republic.
Also, project company Geomet has issued a €11 million cash call, of which EMH’s share is €5.39 million, payable by 10 October.
To support this obligation, the company has raised A$3 million, selling 8.75 million new shares at A$0.16 each, and the remaining balance is expected to be met through refinancing or the sale of surplus land.
“The Geomet cash call is a key step in completing the DFS and keeping Cinovec on its critical path. We have acted quickly to secure A$3 million and are pursuing non-dilutive funding for the bulk of the cash call via the Dukla loan refinance and potential land sale,” said executive chairman Keith Coughlan.
In London, European Metals shares were trading 5%, changing hands at 8.97p.