Rare Earth Minerals plc (LON:REM) has agreed to increase its strategic stake in the Cinovec lithium deposit to 20.92% by raising its stake in its owner European Metals Holdings (LON:EMH).
REM will invest A$2.6mln in EMH via a placement of 5mln CDIs and exercise an option worth A$400,000.
European Metals will use the money to help complete a Preliminary Feasibility study at Cinovec, which is in the Czech Republic.
Separately, REM said that US$600,000 of its US$15mln convertible loan have been converted at a price of 0.65p per share.
Shares in Rare Earth eased to 0.725p.