European Metals Holdings Ltd (LON:EMH)(ASX:EMH) ended the year to 31 December 2019 with just US$81,000 cash in the bank. The company subsequently raised £350,000 in January in a placing.
The money will be used to continue with development of the Cinovec lithium project in Czech Republic, and to allow for completion of the proposed investment into Cinovec by the Czech parastatal CEZ Group.
Total losses for the year amounted to US$1.7mln.
CEZ is planning to inject over £29mln into the Cinovec project, once the transaction completes.