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European Metals updates on “continued progress” at Cinovec project

The AIM-listed firm said shareholders had approved a subscription of around €34mln by Czech conglomerate CEZ Group for a 51% stake in Geomet, European Metals’ Czech subsidiary and the owner of the Cinovec licences

European Metals Holdings - European Metals updates on “continued progress” at Cinovec project

European Metals Holdings Limited (LON:EMH) has issued an update on activities at its Cinovec lithium and tin project in the Czech Republic for the three months ended 31 December.

The AIM-listed firm said during the period shareholders had approved a subscription of around €34mln by Czech electricity conglomerate CEZ Group for a 51% stake in Geomet, European Metals’ Czech subsidiary and the owner of the Cinovec licences.

READ: European Metals raises £350,000 as it waits for investment decision on Cinovec

The company said it was currently working with CEZ to satisfying due diligence and several other conditions to approve the transaction.

Post-quarter, the company said it had raised net proceeds of around £344,236 (A$675,000) in a share placing to UK investors, the proceeds of which will be used to progress development at Cinovec and also finalise the CEZ investment.

In a separate quarterly cashflow report, the company reported it had ended the three months with cash and cash equivalents of £41,818 (A$82,000), with cash outflows for the next quarter expected to be £150,444 (A$295,000).

In early trading on Friday, shares in European Metals were 0.7% lower at 15p.

Quick facts: European Metals Holdings

Price: 10.225 GBX

AIM:EMH
Market: AIM
Market Cap: £15.51 m
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European Metals reaches final agreement with CEZ for Cinovec investment

European Metals Holdings Limited's (LON:EMH) Keith Coughlan caught up with Proactive London's Andrew Scott following the news they've 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...

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