Europa Metals Ltd (AIM:EUZ, JSE:EUZ, OTC:EOPAF) is raising up to £1.5mln by means of a placing and subscription of shares at 5p each, a discount of approximately 42.7% to the previous closing price.
The fundraising is being conducted in two tranches, with the initial tranche issued under pre-existing share capital authorities and the second tranche subject to the requisite shareholder approval at the company's forthcoming 2021 annual general meeting.
The proceeds will be used to pursue a refocused strategy of seeking potential additional projects or transaction opportunities that could add shareholder value, and to further progress and de-risk the Toral lead, zinc, silver project.
WH Ireland has been appointed joint broker and will assist in the bookbuild.